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Sunday, 24 July 2016

What we’re tracking this week

The House of Representatives is expected to finish voting on the Civil Service Act this week. Nineteen articles remain on the floor and are due to come up for debate today and tomorrow, Youm7 reports.

Members of the business community will attend a hearing on the value-added tax (VAT) legislation on Tuesday, 26 June, said Mohamed Shoukry, head of the Food Industries Division of the Federation of Egyptian Industries. He tells Al Mal, that the division had requested that the Finance Ministry provide a draft for review, but was met with silence.

The European Bank for Reconstruction and Development, European Investment Bank, and World Bank will launch tomorrow their joint report What’s holding back the private sector in MENA? Conrad Hotel, Cairo.

Interest rates are up for review this week: The Central Bank of Egypt’s Monetary Policy Committee will meet on Thursday, 28 July to review interest rates. That’s one day after the U.S. Federal Reserve’s Federal Open Market Committee wraps a two-day meeting for the same purpose. The current expectation is that a damp global outlook following Brexit will force the U.S. Fed to pull back on plans to raise interest rates, with one prominent commentator reminding us that the FOMC is split between advocates of two rate increases this year and those who would raise rates either once or not at all. The Wall Street Journal’s blog lists the Fed’s meeting as one of five things to watch on the US economic calendar this week.

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