THIS MORNING: The CBE is allowing you to transfer more money via InstaPay + The SVB fiasco
Good morning, friends, and welcome to an unexpectedly busy news morning, with the big story of the day being what the meltdown of Silicon Valley Bank could mean for dozens of Egyptian startups with deposits at the bank. We have the full rundown in this morning’s news well, below.
SMART POLICY- You’ll soon be able to transfer larger sums of money through InstaPay: The Central Bank of Egypt (CBE) will this week raise the limits on electronic transfers made through its digital payment app InstaPay, saying in a statement (pdf) it was doing so thanks to market demand. The new limits, which will come into effect on 15 March, will allow transfers of up to EGP 70k per transaction, up from EGP 50k currently. Users will be able to transfer a total of EGP 120k per day and EGP 400k per month — up from EGP 60k and EGP 200k currently. The decision was rooted in customer requests, opinion polls, and growing demand for the app, the statement adds.
WATCH THIS SPACE #1- The government will unveil its largest-ever export subsidy program next week, Trade and Industry Minister Ahmed Samir said last week, without providing further details, according to Al Shorouk.
WATCH THIS SPACE #2- One index out, a new index in. The EGX is planning to launch a shariah-compliant index this summer and terminate one of its less significant indexes over the next month, EGX head Rami El Dokany told CNBC Arabia (watch, runtime: 2:09). The bourse has conducted surveys to see which of its indices are among the least used, he added. El Dokany provided no information about which index the EGX will terminate and didn’t elaborate on the planned sharia-compliant index.
WATCH THIS SPACE #3- Two weeks until the draft FY 2023-24 budget is tabled in the House. The Finance Ministry expects to send a draft over to the House of Representatives for discussion during the week of 26 March.
What’s next? Debate kicks off in committee for a two-month period, at the end of which the House Planning and Budget Committee will prepare a budget report to be discussed and voted on by the House. President Abdel Fattah El Sisi would then typically sign off on the budget before the start of the fiscal year on 1 July.
Zulficar and Partners won the legal community’s sixth annual football tournament yesterday, beating Zaki Hashem, Dreny and Partners and Jurisera on their way to their second consecutive title (and their fourth in six years). The tournament is a yearly one-day tournament that hosts some of the nation’s most prominent law firms. The net proceeds from the event are earmarked for charities that promote education and advance the legal profession. Fifteen teams played this year.
PSA- You may want to break out jackets and umbrellas — it’s about to cool down again, and depending on where you live, you may see rain or a sand storm (or both). Daytime highs will fall to 20-22°C from Tuesday through the end of the week, with an overnight low of 12°C on Tuesday, according to the Egyptian Meteorological Authority forecast. We’re in for moderate rain Monday through Wednesday on the country’s coasts, while Greater Cairo will windy periods off and on throughout the week, according to our favourite weather app.
WHAT’S HAPPENING TODAY-
It’s the second and final day of the Techne Summit at the National Museum of Egyptian Civilization.
The SCZone is in Vietnam: Representatives from the Suez Canal Economic Zone (SCZone) starts a roadshow in Hanoi where they will meet with local businesses and investors in a bid to attract investment. The roadshow lasts through to Friday, 17 March.
Hajj registration goes live: Registration for this year’s Hajj through tourism companies will be open from 12 March to 19 April, the Tourism Ministry said Thursday.
Italian FM in Egypt: Italian Foreign Minister Antonio Tajani is heading to Egypt after visiting the West Bank and Israel, Italian news agency ANSA said last week.
El Molla speaks at BEBA: Oil Minister Tarek El Molla will be guest of honor at a dinner organized by the British Egyptian Business Association (BEBA Egypt) at Cairo Marriott Hotel.
Ahlan Ramadan: The government’s Nasr City Ahlan Ramadan discount supermarket expo will kick off on 15 March and will run through to 21 March.
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.
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.
CIRCLE YOUR CALENDAR-
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.