Good afternoon, lovely people, and a very happy THURSDAY. It’s been quite a week for us all, with an uncharacteristic flood of news over the past few days — and it’s not over yet.

THE BIG STORY TODAY

It’s official: Hassan Abdalla is taking over as acting governor of CBE: President Abdel Fattah El Sisi has appointed Hassan Abdalla, the former CEO of Arab African International Bank and current chairman of state-owned media giant United Media Services Company, as acting governor of the Central Bank of Egypt (CBE), replacing Tarek Amer, according to Extra News. It is unclear how long Abdalla will hold the position for, but Egypt’s constitution allows the president to appoint a temporary caretaker to fill the position until the House of Representatives begins its next legislative session in the fall, at which time it would need to approve a nominee for a full term.

The decision comes as the CBE’s Monetary Policy Committee is set to meet later today to review interest rates for the first time since Amer stepped down as governor of the central bank yesterday. The emerging consensus is that the MPC will raise rates, although economists and analysts are divided on the increment, with some forecasting a raise as small as 50 bps and others seeing a potential 200 bps hike.

ABOUT ABDALLA- He joined Arab African International Bank (AAIB) in 1982 and became the multinational bank’s vice chairman and managing director in 2002 — a position he held until he left the bank in 2018, having positioned it as one of the nation’s top private-sector banks. He’s the founder and chairman of advisory and private equity firm Panther Associates, and has previously been a board member at the Central Bank of Egypt and EGX, the Institute of International Finance, the Communications Ministry’s ITIDA, and several private and public sector companies in Egypt.

MEANWHILE- Alaraby Group plans to set up several factories in Africa within the next 10 years, Al Borsa quotes CEO Mohamed Elaraby as saying. The group owns two factories in South Africa and Sudan, and plans to begin operating at a new plant in Nigeria at the end of 2023, he said, adding that they are currently in the process of settling on two more African countries where they will set up additional factories. Elaraby did not specify the expected investment value of the new factories.

THE BIG STORY ABROAD

Much like here at home, the conversation in the international business press is being led by interest rates and monetary policy. Turkey’s central bank enacted today a 100 bps interest rate cut, saying that persistent inflation is a result of “geopolitical developments, effects of pricing formations that are not supported by economic fundamentals.” Although the Turkish bank said it expects to see inflation beginning to ease, the TRY fell against the USD again, Bloomberg reports. It was also interest day over in Ghana, where the central bank raised (pdf) interest rates by a massive 300 bps in a late meeting yesterday to tamp down soaring inflation and address the plunge of its currency. The Financial Times has the story.

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

• Tarek Amer has stepped down as governor of the Central Bank of Egypt (CBE), ending his almost-seven-year tenure at the bank more than a year early.
• valU just closed its second securitized bond issuance in less than a year: EFG Hermes’ consumer finance arm valU has issued EGP 532.6 mn of securitized bonds.
• Shareholders in cheesemaker Domty have until Wednesday, 14 September to sell their shares to Expedition Investments, as part of its mandatory tender offer (MTO) for 34% of the company

???? CIRCLE YOUR CALENDAR-

The 32 EGX-listed companies that failed to meet the 2Q earnings deadline this week have until the end of the month to submit their financials to the bourse, a statement by the EGX read. Authorities have given companies another 15 days from the original deadline on 15 August, putting the new date at 30 August.

PSA- The Chicago Booth Executive Program in El Gouna returns in March 2023. The two-week program offers executives from Egyptian public and private sector the skills to help them “become a better leader for your organization and support Egypt’s growth in the years ahead.” Applications (information here) are open until 27 November, 2022. Newton Education Services, the Sawiris Foundation for Social Development, and the University of Chicago Booth Executive Education are also hosting a virtual information session next Tuesday, 23 August at 6pm CLT to respond to applicants’ questions. You can register for the session here.

A delegation from the European Investment Bank delegation is visiting Egypt from 17-21 August to discuss the Nawafi program with the International Cooperation Ministry, according to a ministry statement. The two parties will discuss financing and investments in green projects, as part of an initiative that integrates the water, food and energy sectors.

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

☀️ TOMORROW’S WEATHER- We’re looking at fairly hot weather in Cairo over the weekend with daytime highs of 39-41°C on Friday and Saturday, and nighttime lows of 25°C, our favorite weather app tells us.