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Sunday, 12 March 2023

Last Night’s Talk Shows: Inflation, our GTC exit, another internet scam busted

Lamees El Hadidi was the only person worth listening to on the airwaves last night, thanks to her recap of the biggest stories over the weekend.

First up, inflation: Kelma Akhira was the only show to spotlight last month’s terrible inflation figures, which saw prices accelerate at their quickest rate in more than five-and-a-half years. El Hadidi discussed what the data might mean for interest rates later this month, noting expectations among some for a huge 300-bps hike. Others believe that an increase won’t be needed, she said, without providing further information (watch, runtime: 5:36).

Egypt’s decision to exit the global grain pact also got some airtime: “According to analyses, we decided to exit the multinational Grains Trade Convention (GTC) seeing that it doesn’t really add much to the Egyptian state,” Assistant Supply Minister Ibrahim Ashmawy told Kelma Akhira (watch, runtime: 9:09). He pointed to a number of other countries who also decided to exit the convention, including those in Latin America and the Far East, without disclosing any countries. Ashmawy also joined Ala Mas’ouleety (watch, runtime: 6:56)

^^ We have the details of both stories in the news well, above.

The anti-crypto messaging is in full effect: One person has been arrested for running an internet scam, where he promised people that they can earn money through the mining of digital currency. This comes hot on the heels of the Hoggpool scam, which stole a combined EGP 6 bn from thousands of Egyptians. The Interior Ministry has arrested some 29 of those involved in the scam, Kelma Akhira reported (watch, runtime: 2:38).

It’s business as usual for Vodafone Cash e-wallets: Vodafone had temporarily terminated operations of a few hundred of its e-wallets due to their direct involvement in the Hoggpool scam, but the rest of its e-wallets are working just fine, Vodafone Egypt’s external relations director, Ayman Essam, told Kelma Akhira (watch, runtime:11:10). “Last week we received a decision to temporarily pause operations on a number of Vodafone Cash e-wallets … as authorities worked to investigate the Hoggpool scam,” he said. Banking expert Mohamed Abdel Aal also joined Kelma Akhira to talk about internet scams and how they spread (watch, runtime: 6:42)

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