As Zilla capital expected Egypt’s annual headline inflation dropped to 36.4% in November, compared to 38.5% in October
As Zilla capital expected Egypt’s annual headline inflation dropped to 36.4% in November, compared to 38.5% in October. The monthly inflation rate fell to 0.9% in November from 1.2% in October, with the consumer price index (CPI) recording 191.8 points. Consumer prices in urban areas decelerated to 34.6% y-o-y from 35.8% in October, marking the lowest figure since May. (CAPMAS)
- Decline in Flour & Feed Grain Prices in Egypt.
Egypt witnessed a significant drop in the prices of flour and feed grains at the end of last week, with ton prices decreasing by 250 to 1,000 Egyptian pounds amidst increased supply and a calming demand. (Daily News)
- Businesses selling a service or product in foreign currency will be required to settle their VAT dues only in foreign currency, and not in EGP equivalent.
The new amendment canceled a rule introduced last month that allows businesses to settle their foreign-currecy VAT in local currency if they present evidence that they’ve exchanged FX worth the same amount or more than the value of the VAT within a month of the sale being booked. (Enterprise)
- The IMF could agree to increasing the size of Egypt’s 3 billion USD loan program.
The subject is being discussed and that additional funds will be “critical” in light of the war in Gaza. The IMF could quadruple its assistance package, potentially giving the Madbouly government and CBE Governor Hassan Abdalla the firepower they need to properly float the EGP. IMF Managing Director Kristalina Georgieva said last month that the Fund is “seriously considering” increasing the program in light of the war. (Al Mal)
- The war means “more international partners will likely be willing to provide additional support,” Abu Dhabi Commercial Bank chief economist Monica Malik told Bloomberg.
“No one wants to see Egypt fail now, or economic conditions to worsen.” The EU. The EU has been rumored to be putting together a plan to mobilize as much as EUR 10 bn of investment alongside debt relief measures to help stabilize the economy and curb migration across the Mediterranean. (Bloomberg & Financial Times)
- Egypt, UAE pen cooperation protocol for peaceful uses of nuclear energy.
In August, the Egyptian Nuclear and Radiological Regulatory Authority (ENRRA) approved the establishment of the fourth and last unit of El Dabaa Nuclear Power Plant with a capacity of 1,200 megawatts (MWs). (Arab Finance)
- Beltone Financial’s subsidiary inks 480 million EGP leasing, factoring agreement with DAMFI, one of TBS Holding's subsidiaries.
The agreement's leasing section includes production equipment and assets valued at 380 million EGP. The purpose of the 100 million EGP factoring component is to finance DAMFI's needs for working capital, as well as to buy raw materials and build up inventory. (Asharq Business)
- Gov’t to sell stake in Wataniya within 2 months at most.
The gov’t is considering concluding the sale of a stake in the fuel retailer Wataniya within a maximum of a month or two, Minister of Planning and Economic Development Hala El-Said said in an interview. On 17 October, El-Said announced that Egypt would finalise the deal on the sale of a stake in Wataniya within four to six weeks. (Zawya)
- And finally, latest news about Gaza, Egypt has reportedly warned Israel that an attempt to displace Palestinian refugees into Sinai could cause a “rupture” in the two countries’ relationship.
Egyptian officials have expressed concerns to Israeli intelligence that its offensive in south Gaza could force thousands of people across the border into Egypt, triggering a serious crisis between the two countries. (Bloomberg)
- The US on Friday blocked a UAE-authored Security Council resolution calling for an immediate humanitarian ceasefire in Gaza calling it “divorced from reality.”
The vote was triggered by UN Secretary-General Antonio Guterres invoking a rarely-used power to push the Security Council to discuss the conflict because of the threat to international security. (Bloomberg)
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