Today’s Top News & Analysis
A 6% raise in a special MPC meeting
PM said the IMF agrees on a USD8bn program
Infrastructure spending to slowdown
MACRO
A 6% raise in a special MPC meeting
Yesterday, Wednesday 6 March 2024, the Central Bank of Egypt's Monetary Policy Committee (MPC) held a special meeting raising the overnight deposit rate, overnight lending rate, and the rate of the main operation by 6% to 27.25%, 28.25%, and 27.75%, respectively. As a result of this special action, the FX rates where left free to supply and demand. (CBE)
PM said the IMF agrees on a USD8bn program
Yesterday, the Prime Minister said in a conference that the International Monetary Fund (IMF) has agreed with the government to start a new USD8bn program in response to the free floatation of the EGP. The MP added that a USD1-1.5bn may be added in favor of climate change, however, this is still just discussions. (Enterprise)
Infrastructure spending to slowdown
Egyptian cabinet reached an agreement with the International Monetary Fund (IMF) to slowdown the infrastructure spending in order to manage the monetary policy. In addition, the cabinet said that the public investment for FY25 will be limited at designed not to exceed EGP1tn, this should be guided by a committee that will be formed specially. (Enterprise)
Markets Performance
Key Dates
7-Mar-24
ALCN: Cash dividend / Payment date for a dividend of EGP1.936/share.
AMOC: Cash dividend / Payment date for a dividend of EGP0.20/share (2nd installment).
FAIT: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
OCDI: OGM / Approving financial statements ending 31 Dec. 2023.
9-Mar-24
MICH: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
MFPC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
10-Mar-24
SKPC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
11-Mar-24
QNBA: Cash dividend / Deadline for eligibility for a dividend of EGP1.00/Share.
14-Mar-24
QNBA: Cash dividend / Payment date for a dividend of EGP1.00/share.
PORT: OGM / Discussing netting contracts.
18-Mar-24
EGBE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EGBE: EGM / Amending Articles No. 6, 7 & 24 of the bank's bylaws.
20-Mar-24
EGCH: OGM / Approving the estimated budget of FY 2024/2025.
EGCH: EGM / Approving increasing the issued capital & amending Articles No. 6 & 4 of the company's bylaws.
21-Mar-24
ADIB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ADIB: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the bank's bylaws.
23-Mar-24
TMGH: OGM / Approving financial statements ending 31 Dec. 2023.
25-Mar-24
SAUD: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CERA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
PHDC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
27-Mar-24
EXPA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
GBCO: EGM / Amending Articles No. 5 of the company's bylaws.
28-Mar-24
CIEB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MCQE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
HDBK: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EMFD: OGM / Approving financial statements ending 31 Dec. 2023.
ISPH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EFID: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
30-Mar-24
PHAR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
31-Mar-24
ARCC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
LCSW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.