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Wednesday, 25 July 2018

What we’re tracking on 24 July 2018

The House of Representatives will continue discussing the Madbouly Cabinet’s policy program today, Al Ahram reports. The House had begun deliberations on the program yesterday, with the majority of representatives signaling their approval of the new cabinet’s agenda.

The Usual Suspects: Members of the 25-30 Coalition, however, said they would refrain from granting the government their vote of confidence, saying that the program lacks a clear plan for the development of the country’s education system.

The EGX is looking to impose a new risk management policy on the EGX sometime in 2H2018, EGX head Mohamed Farid said, according to a statement from the EGX on Tuesday. While Farid did not provide detail on what this policy might entail, he hinted that it is developing a new risk management standard and system which it will impose on brokerage firms.

Expect another spell of hot weather today with a daytime high of 40°C in the capital city, according to the national weather service.

Mo Salah fans have until 10 August to make him one of FIFA’s top three men’s footballers for 2018. Salah has made it to the top 10, alongside Cristiano Ronaldo, Lionel Messi, Kevin De Bruyne, and Harry Kane. FIFA will announce the three finalists early in September. Cast your ballots here.

Leading emerging markets coverage across the business press this morning is Turkey’s central bank’s surprising decision to keep interest rates on hold — the first major monetary policy decision since President Recep Tayyip Erdogan’s reelection with sweeping new powers. The move, which Bloomberg says “stunned investors” and defied market expectations (and logic), led Turkish stocks and the Lira — which has been among those leading the slide in EM currencies — to plummet further. “This decision essentially confirms the markets’ worst fears about the central bank’s independence and the future course of economic policies in Turkey,” said Inan Demir, an economist at Nomura International in London.

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