The CBE has instructed all banks to charge a minimum interest rate of 24% on secured loans. The new rule that came into effect yesterday is intended to clamp down on the carry trade following the issuance of high-yield CDs by the country’s two largest banks.

The government is planning to launch a central bank digital currency (CBDC) by 2030. The government is also aiming to achieve 100% financial inclusion by 2030 — up from 67.3% recorded in June.

The government wants to help 1 million Egyptians access labor markets in developed countries by 2030 by ensuring they receive the needed certificates, with a focus on AI, IT, nursing, and biotechnology, according to the Cabinet’s IDSC's Strategic Economic Directions recent report.

Egypt's renewable energy output is expected to make up almost 12% of total electricity output for the current fiscal year. The government aims to transform Egypt into a regional hub for green hydrogen production by 2026 and a global hub by 2030.

The FRA seeks to reduce the costs on trading on the EGX.

The government is conducting an audit of the number of refugees and the costs the state incurs to care for them. Cabinet spokesperson said that the measures are not aimed to increase the burden on “guests,” but rather to help rationalize resources.

The disbursements of the Russian loan allocated for the Dabaa nuclear power station has exceeded USD1 billion. Government officials said that Egypt did not receive this amount, but it was disbursed in batches of different values to the implementing companies of various works at Dabaa station.

AMIC released its numbers for November 2023: Personal cars volumes climbed by 13.6% MoM and 52% YoY to record 7,916 units during the month, which is the highest number recorded since September 2022. The auto market has been showing initial signs of recovery towards the second half of 2023, which is expected to continue with the same momentum.

The Saad El Din Group is currently studying acquisition offers from four unnamed foreign companies for its Spanish Egyptian Cement factory (Spegyco), with two Gulf firms in the mix, given the Group's plan to exit non-core businesses.


Weekly Commodities Update 

  |   | Last Price | WoW Change, %
| Brent, USD/bbl | 76.4 | -0.8%
| Diesel-HSFO Spread, USD/ton | 337.9 | 1.3%
| Egypt Urea, USD/ton | 340.0 | 0.3%
| Polyethylene, USD/ton | 1,010.0 | 2.0%
| Polypropylene, USD/ton | 940.0 | 0.5%
| Steel/Iron Ore Spreads, USD/ton | 368.9 | -1.0%
| LME Aluminum Cash Price, USD/ton | 2,227.8 | -5.0%
| Egyptian Retail Cement, EGP/ton | 2,119.0 | 2.1%
| Steam Coal FOB Newcastle Australia, USD/ton | 131.6 | -10.1%
| SMP, USD/MT | 2,613.0 | -2.2%