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Sunday, 18 September 2022

Big week for our interest rates/EGP + discounts on LRT subscriptions

It’s a big week ahead on the macro front: The Central Bank of Egypt’s interest rate meeting and what it means for the EGP was a big topic of conversation on the airwaves last night. Among the talking heads giving the story coverage was Kelma Akhira’s Lamees El Hadidi (watch, runtime: 11:41), who discussed the “notable” daily weakening of the EGP against the USD since mid August, with the EGP slipping c. 20 piasters against the greenback over the past 10 days. “More is expected in the coming days,” she said, adding that the current rate doesn’t reflect its real value.

Analysts gave their two cents: Economist Medhat Nafea told Yahduth Fi Masr (watch, runtime: 3:26) that allowing the EGP to slide closer to its real value would help attract foreign inflows. Nafea joined Team Gradual, arguing the importance of avoiding shocks to the economy. He also spoke of the importance of remittances by Egyptians living abroad as one of the key sources of foreign currency (watch, runtime: 5:26). “It alleviates the pressure on hard currency [used] for imports. It is directly linked to how far the EGP can go down against the USD,” he said.

El Sisi talks to King Charles: The president’s phone call with the UK’s new monarch, Charles III, received widespread coverage on the airwaves, including on Masaa DMC (watch, runtime: 1:30), Al Hayah Al Youm (watch, runtime: 1:04) and Ala Mas’ouleety (watch, runtime: 1:46).

Egypt began disbursing on Thursday monthly emergency aid for beneficiaries of the Takaful and Karama program under the state’s efforts to protect vulnerable people against the rising cost of living. (Al Hayah Al Youm | watch, runtime: 3:03)

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