Back to the complete issue
Wednesday, 19 July 2017

What we’re tracking on 19 July 2017

CIB confirmed to Reuters’ Ehab Farouk yesterday it is allowing clients to buy up to USD 2k each month without requiring any proof of travel, but that any additional sums require documentation. Banque Misr is also allowing its clients to buy up to USD 2,000, but caps it there. A source at National Bank of Egypt did not specify a limit on the amounts offered to clients, noting that it is set at each branch’s discretion and is a function, in part, of the bank’s relationship with any individual client. Arab African International Bank says it is allowing clients to purchase USD “freely.”

The Central Bank of Egypt received a second, USD 1.25 bn installment of the IMF loan yesterday, Al Masry Al Youm reported. The installment will be used to support the central bank’s reserves balance, a source said. It is also the final installment of the first USD 4 bn tranche of the IMF’s USD 12 bn loan to Egypt, Ahram Online notes. We reported yesterday that Finance Minister Amr El Garhy expects a third installment of USD 2 bn to be disbursed by December or January.

Foreign Minister Sameh Shoukry will be heading to Baghdad today to talk cooperation and regional issues with various state officials, AMAY says. On Shoukry’s agenda are meetings with the Iraqi president, vice president, prime minister, foreign minister, and parliament speaker.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.