Pre-Trading Thoughts

There are no enforced FX withdrawal limits in the works. “Each bank has the discretion to determine its policy” for FX withdrawals, the CBE said in a statement yesterday following reports that led to online speculation that enforced limits are in the works.

Prime Minister Moustafa Madbouly yesterday presided over a meeting where government officials reviewed the draft laws that will be presented at the parliament’s upcoming session, according to a cabinet statement. The session is set to prioritize several key draft laws that seek to issue new legislation or amend existing laws. These include Labor Act, Competition Act, Property IDs, and Local Administration Act.

The Ministry of Petroleum aims to import 22 shipments of liquefied gas during the months of August and September to provide the fuel needs of power stations.

The Ministry of Finance is studying the inclusion of the stamp tax and the development fee under the value-added tax, according to a government official.

HELI (FV: EGP18.84, OW) Board approved receiving offers from investors interested in developing Granada and the third and final phase of the Merryland Park. HELI would be entitled to a revenue share and minimum guarantee or to rent.

According to local media, HELI (FV: EGP18.84, OW) plans to finalize the partnership contract to develop Granada in 4Q24.

COMI exited the local pharma company Egypt Otsuka Pharma to the latter’s Japan-based parent company Otsuka Holdings.

The African Development Bank revealed that it has included the Egyptian pound in the list of currencies which it lends, in addition to the national currencies of Zambia, Nigeria, Uganda, South Africa, Botswana, Kenya and Tanzania.

The Egyptian General Petroleum Corporation (EGPC) is doubling down on using solar energy instead of diesel for the operation of oil production wells at sites of companies that include Norpetco, PetroFarah, and OSOCO, according to an Oil Ministry statement.