Manage episode 343471567 series 2987212
Egypt’s foreign reserves were effectively unchanged at nearly USD 33.2 bn in September.
The CBE is working on designing onshore non-deliverable forwards (NDFs) and options to hedge against the risk of currency depreciation.
The National Bank of Egypt and Banque Misr are now offering 5.30% on three-year CDs and 5.15% on five-year deposits, up from 2.15-2.25%.
At least four banks (CIB, HSBC Egypt, Banque Misr, and FAB Egypt) have introduced withdrawal limits on foreign currency for debit and credit cards used abroad.
Some local banks have reportedly ramped up FX markup fees for using debit and credit cards abroad, now charging as much as 6% from a prior 3%.
Egypt’s current account deficit narrowed by 10.2% to USD 16.6 bn in FY 2021-2022.
The World Bank expects Egypt’s economy to grow at a 4.8% clip in FY 2022-2023.
The usage of the Russian Mir payment system and accepting Russian Rubles in Egyptian banks and tourist resorts will become effective over the coming few weeks.
Bulgaria is interested in importing liquefied natural gas from Egypt.
Some 63k tons of French wheat arrived at Safaga port yesterday.
EGX and FRA Head will head on a marketing roadshow for Egypt’s capital markets in mid-October.
FRA has issued its regulations for future flow securitization.
EFIH plans to invest in startups and fintech companies that offer synergies to the Group’s subsidiaries.
RAYA plans to IPO its subsidiaries Aman Holding and maybe Raya Trade on EGX in 2023.
FWRY is planning to launch its EGP400 million consumer finance business in 1Q23.
EGAL started the rehabilitation process for some manufacturing cells in recent weeks, to meet local demand which increased 20% and export demand.
Al Babtain Power & Telecom Egypt signed two contracts worth a combined USD52 million with SWDY and Giza Cable Industries.
SWDY- Arab Contractors consortium finalized the construction works of Tanzania's Dam.
OPEC+ decided to cut crude oil production by two million barrels per day, in a move to support Brent prices.
Qatar Investment Authority (QIA) is studying the purchase of a majority stake in PACH by 4Q2022.
Tashawer Medical Consultancy Group is in negotiations with UK funds to finance healthcare investments and projects in Egypt's New Administrative Capital and New October.
The Minister of Health is eyeing cooperation with the Italian “San Donato Hospital Group” to support the healthcare projects and services offered by the Ministry.
MNHD is planning a securitization bond issuance of over EGP1.0 billion within the next six months.
MICH will distribute cash dividends of EGP 1.50 per share on two installments (DY11.66%).
MCQE is to distribute a cash DPS of EGP0.50 for FY2021 (DY of 3.4%) on October 25 for shareholders of record on October 20.
EKHO converted two million shares' trading-currency into EGP.