The Finance Ministry was expected to sign off yesterday on accounting regulations governing how businesses treat expenses incurred in sourcing FX outside the banking system for the period between 1 January 2016 to 3 November 2016, according to statements by Deputy Finance Minister Amr El Monayer picked up by Al Mal. As we noted last month, these accounting procedures had been developed by the Egyptian Financial Supervisory Authority in cooperation with the Egyptian Society for Accountants and Auditors. The ministry had previously laid out procedures for writing off losses equivalent to the difference between the parallel market rate and the CBE rate prior to the float for 2013 through to 2015. We hope to get some clarity on this today.

Keep your ear to the ground: The EU will be talking about us today. Fresh from a summit in Malta on Friday at which European Union leaders discussed Brexit and US President Donald Trump, the European Union’s Foreign Affairs Council turns its attention to Egypt when it meets today in Brussels. On Egypt, council members will “discuss the situation in Egypt and the way forward in EU-Egypt relations. Ministers may also more specifically address migration, counter-terrorism and Egypt’s role in the region,” according to the Committee’s website. The situation in Ukraine, Libya and the so-called Middle East peace process are also on the agenda.

Cry “Havoc” and let slip the chickens of war: The Ismail government is looking to increase poultry imports in the hope of curbing the rising price of local output, Al Shorouk reports. The Supplies Authority is legally exempt from taxes and allowed to use imports to regulate the market, Prime Minister Sherif Ismail said. The government had backtracked on a decision to ease customs on poultry imports last November in the face of backlash from domestic producers, who said the move threatened the industry.

The UAE gets it right — again. Unless we’re mistaken, the Emirates are about to open the door to permanent residency in a bid to lure and retain top talent. The UAE’s prime minister, Sheikh Mohamed bin Rashed Al Maktoum, is said to have ordered yesterday the setup of a committee that will create a special visa system for “to attract the most notable, exceptional regional and international talents.”

A USD 100 bn windfall? The Donald’s drive to rollback post-Great Recession financial regulations created under the Dodd-Frank Act could allow the six biggest US banks to “return more than USD 100 bn in capital to investors over time through dividends and share buybacks,” the Wall Street Journal reports.