Good afternoon, ladies and gentlemen. It’s one of the slowest Sundays we can remember in recent history, which is quite the departure from where we were this morning.

THE BIG STORY TODAY

CBE extends cash cover for foodstuffs: The Central Bank of Egypt (CBE) is extending (pdf) the exclusion period for rice, lentils, and fava beans from their 100% cash cover for another year, ending 15 March, 2023. The CBE has extended the exclusion period twice in the past two years (here and here) since it first introduced the exemptions in 2019.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Georgieva says IMF is talking with Egypt: “I worry for Egypt. If we have sustained high food and energy prices, how this is going to impact people in Egypt,” International Monetary Fund (IMF) boss Kristalina Georgieva said on Thursday.
• A first look at the long-awaited automotive strategy: Cabinet reviewed last week the final version of a national strategy to develop the automotive industry.
• Gov’t has incentives for green economy: The Madbouly government is introducing incentives to spur investments in the green and AI sectors, including projects in green hydrogen, green ammonia, EV manufacturing and charging, plastics alternatives, and waste management

THE BIG STORY ABROAD

Russia’s latest attack target in Ukraine: A military base in Yavoriv. Russian forces fired 30 rockets (some of which were intercepted) at the International Center for Peacekeeping and Security — which usually houses joint drills with NATO — located in Yavoriv, near the Polish border, Reuters reported. The attack killed 35 and injured 134 others.

Could chemical weapons be next? Russia may use chemical weapons next, NATO Secretary-General Jens Stoltenberg told German newspaper Welt am Sonntag. “We have heard absurd claims about chemical and biological weapons laboratories,” Stoltenberg said.

Putin is ramping up efforts to restrict Russians’ access to news: Russia is threatening to block Instagram after calling its parent company, Meta Platforms, an “extremist organization.” the Wall Street Journal writes. Russia had already restricted access to Twitter and Facebook and passed a law that criminalizes “fake news.”

Is peace (take four) actually on the horizon for the Ukrainian-Russian crisis? Ukraine is currently in talks with Israel and Turkey, which stepped in as mediators in the crisis, to determine a location and framework for renewed peace talks with Russia, Reuters quoted Ukrainian presidential adviser and negotiator Mykhailo Podolyak as saying. “When it is worked out, there will be a meeting. I think it won't take long for us to get there,” he said on state TV, without providing further details.

IN MEMORIAM- Former member of parliament and Al Nas Children’s Hospital CEO Anissa Hassouna passed away today after a battle with cancer, Masrawy reports. Hassouna, a leader in the world of philanthropy and charity work, is known for speaking publicly about her struggle with illness, and chronicled her journey fighting the disease in her memoir, “Bedoun Sabeq Enzar” (Without Prior Warning).

FOR TOMORROW- AUC will hold its annual Business Forum from tomorrow through this Thursday, 17 March. The virtual forum will see founders, business players and policymakers from Egypt, Africa and other parts of the world discuss investing in tech startups, corporate learning and development, and the role of multi-stakeholder collaboration in fueling inclusive sustainable development, among other topics. Keynote speakers will include Planning Minister Hala El Said, and American economist and Nobel Prize Laureate Abhijit Banerjee. You can register here.

???? CIRCLE YOUR CALENDAR-

Green energy forum: The German Arab Chamber of Industry and Commerce is hosting the Egyptian German Green Energy Forum next Tuesday, 22 March. Planning Minister Hala El Said, Vice Minister of Finance Ahmed Kouchouk, and German Ambassador Frank Hartmann are among those slated to attend. The event runs 5:30-9pm CLT at the InterContinental Cairo Semiramis.

Interest rates: The Central Bank of Egypt will hold its next monetary policy meeting on Thursday, 24 March.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- It’s going to be a windy, cold week — especially early in the morning and late at night — according to the Egyptian Meteorological Authority’s latest forecast. Expect highs of 19°C and lows of 9°C over the next five days in the capital and Alexandria.