Silicon Valley Bank last week became the biggest casualty so far of surging US interest rates, collapsing on Friday.

Annual urban inflation jumped 31.9% y-o-y in February, up from 25.8% in January. Monthly headline inflation accelerated to 6.5% from 4.7% in January.

The government will unveil its largest-ever export subsidy program next week.

CBE has sent investment banks a request to pitch for an advisory role in the sale of United Bank of Egypt.

Egypt will withdraw from the multinational Grains Trade Convention in less than four months to stop paying the USD-denominated membership fees, especially because it was felt that no benefits have been garnered from membership.

The CBE amended the maximum limits for instant payments made through its digital payment app, InstaPay.

The CBE instructed banks to stop applying the previous instructions that exempted the largest 50 clients from credit concentration limits.

Aman for Financial Services, a subsidiary of RAYA, plans to issue EGP1.0 billion of securitized bonds during 3Q23. 

According to local media, a Saudi investor is looking to buy Arab African International Bank's 12.7% stake in PHDC. According to local media, this comes after Arab African International Bank's rejection of an earlier offer from Emirati investment company, Al Ain Holding, at EGP2.5/share, with the bank aiming for EGP2.6-3/share.

China International Energy Agency aims to build a new green hydrogen complex in Egypt with investment cost of USD5-8 billion.

EOG Resources is considering exploring for hydrocarbons in Egypt.

Energean announced that the first gas has been safely delivered at North El Amriya and North Idku.

The Health Committee of the Egyptian Federation of Investors' Associations submitted a proposal to the EDA to link the drug pricing mechanism to the FX rate.

EgyptAir will soon increase its flights to China to ten weekly flights.