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Tuesday, 26 September 2017

What we’re tracking this week

The central bank’s Monetary Policy Committee meets this Thursday to decide on key interest rates. The meeting will be the MPC’s first since news rolled in earlier this month that our core inflation rate had dropped to 34.86%.

We can expect to hear on the new board and management teams of state-owned banks in the next few days. Sources tell AMAY that announcement was delayed pending security clearances for the new appointments. Terms for the outgoing management teams officially ended yesterday, and unconfirmed reports on the new appointments have been leaking to the local press since Sunday, with the most notable change looking like CBE Deputy Governor Tarek Fayed replacing Mounir El-Zahed as chairman of Banque du Caire. Two more snippets emerging from AMAY last night include Mahmoud Montasser retiring from his post as number two at the National Bank of Egypt and Ali Al Seidi leaving the board of Banque Misr for a post at another financial institution.

The Council of State should conclude its review of the Dabaa nuclear power plant’s four contracts this week, with the signing expected to happen in two months’ time, or as soon as Russian President Vladimir Putin’s allows. The move is then expected to herald the return of air travel between Cairo and Moscow.

4G services will be rolled out at a ceremony this Thursday, the National Telecommunications Regulatory Authority confirmed on Monday, according to Al Shorouk.

The results of our reader survey will be out in tomorrow’s edition. It’s the largest quarterly survey of senior execs doing business here — and of the folks who invest in them.

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