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Tuesday, 10 January 2023

Talking heads keep score as 25% CDs rise

The economy topped the talk shows once again last night, as the pundits focused on Prime Minister Moustafa Madbouly’s budget cutbacks (see our Economy section, above) and the rising tally of investments pouring into the new 25% certificates of deposit (CDs).

Investors have so far poured some EGP 155 bn into the record high-yield 25% CDs released last week by the National Bank of Egypt (NBE) and Banque Misr, NBE Deputy Chairman Yehia Aboul Fotouh told Ala Mas’ouleety’s Ahmed Moussa in a phone call (watch, runtime: 12.:47). Some EGP 105 bn went to the NBE, while Banque Misr took EGP 50 bn, he said, adding that subscriptions were evenly divided between fresh deposits and those who invested after withdrawing from other CDs with lower yields.

AND- The Suez Canal is targeting revenues of USD 8.7 bn in 2023, up 10% on the USD 7.9 bn recorded last year, Suez Canal Authority Chairman Osama Rabie told Ala Mas’ouleety in a phone call (watch, runtime: 3:01). Five of the six companies owned by the SCA are now in the black, up from just one previously, said Rabie. Rabie had joined the talk shows to discuss the details of a bulk carrier that briefly ran aground in the canal yesterday, generating a smattering of local and international coverage reminiscing about the Ever Given saga of 2021 (Ala Mas’ouleety | watch, runtime: 3:57; and Kelma Akhira | watch, runtime, 6:02.)

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