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Thursday, 2 March 2023

THIS EVENING: EGP slips against the USD + Blinken demands Russia renew

Good afternoon, friends, and a very happy THURSDAY to us all. It’s relatively calm on the news front today — an ideal way to end a hectic workweek.


EGP WATCH- The EGP slipped by nine piasters against the greenback today, with the USD changing hands at 30.7757 from 30.68 yesterday, after five days of relative stability, according to central bank data. Demand for USD is unlikely to decline significantly in the weeks leading up to Ramadan as traders complete stocking up on the imported necessities for the holy month (they’re doing so a bit later than usual this year thanks to the FX crunch).

Refresher: The currency hit the 30 mark at the end of January following a sharper devaluation and has lost nearly half its value against the greenback over the past year amid the fallout from the war in Ukraine and rising interest rates.


It’s a mixed bag in the international business press today, but one particularly noteworthy story comes from the Group of 20 (G20) meeting of foreign ministers in New Delhi today: US Secretary of State Antony Blinken implored Moscow to renew the expiring UN-brokered trade agreement that allows Ukrainian grain into global markets. “It is imperative the G20 speak up on behalf of extending and expanding the grain initiative to strengthen food security for the most vulnerable,” Blinken said. Last July, the UN and Turkey negotiated the Black Sea Grain Initiative, which has helped bring down the skyrocketing prices of food. Around 20 mn tons of grain have been exported thanks to the initiative. The story is getting attention from Reuters and AFP.


Shoukry is also in New Delhi for the G-20 meetings: Foreign Minister Sameh Shoukry is in India for the second day of the meeting of G-20 foreign ministers. As this year’s G-20 president, India has invited Egypt to attend the summits as a guest nation.

The Corporate Social Responsibility Forum has kicked off in Somabay. The event will run until Sunday, 5 March and aims to further the discussions had at COP27 to boost private and public sector cooperation on climate action.

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

  • Fuel prices jumped 7-11% last night: Fuel prices have risen by as much as 11% following a decision by the government’s fuel pricing committee that will drive inflation up in an economy already struggling with soaring prices.
  • Auto sales fall 75% y-o-y in January: Distributors sold some 5.4k vehicles during the month, compared to almost 21.2k in January 2022, according to figures released by the Automotive Marketing Information Council (AMIC).
  • Gov’t to miss deficit, debt targets on higher rates, import bill: The Finance Ministry now expects the budget deficit and debt-to-GDP ratio to increase during the current fiscal year as the impact of the EGP devaluation and rising borrowing costs squeeze public finances.


We are delighted to share with you that the Enterprise Exports & FDI Forum will be taking place on Monday, 15 May at the Four Seasons Hotel at Nile Plaza.

DO YOU WANT TO ATTEND? The first wave of invites is going out soon. If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please TAP OR CLICK HERE to request a spot at this exclusive event.

What’s the Enterprise Exports & FDI Forum? It is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders. The Enterprise Exports & FDI Forum will discuss the critical topics of exports and foreign direct investment (FDI) in Egypt.

We will be taking an in-depth look into some of the most vital industry topics, including:

  • How to effectively break into new export markets
  • How to leverage domestic trends in order to create export opportunities
  • What foreign investors are looking for
  • What the government's role should be

Why now? Exports and foreign direct investment (FDI) have never been more important to our economy — or our businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes us a magnet for FDI, and all the benefits that will come with it for our nation.

Think of the Enterprise Exports & FDI Forum as a hands-on lab for how to turn the devaluation of the EGP into something that will turbocharge your company and our economy.

WANT TO ATTEND? Hit this link to let us know.

WANT TO SHARE YOUR STORY ON STAGE? Drop a note to Patrick here and let’s talk.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.


We have a date for CIFF: The Cairo International Film Festival (CIFF) will kick off at the Cairo Opera House on Wednesday 15 November and run through to Friday 24 November, the festival’s admins said in a statement yesterday.

Thanaweya Amma exam schedules are out: Thanaweya Amma exams are scheduled to take place between 12 June and 15 July, the Education Ministry said yesterday.

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

☀️ TOMORROW’S WEATHER- We’re in for a sunny weekend, with the mercury hitting a daytime high of 28°C tomorrow and 32°C on Saturday, before dipping to 14°C tomorrow evening and 21°C on Saturday evening.

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