Arab Finance: The five working days ended on March 7^th has been full of major news from the CBE hiking interest rates by 600 basis points (bps) to central bank directing local banks to lift limits on using credit cards in foreign currency in an attempt to foster the domestic exchange market’s stability.

So, here is a weekly wrap-up of the most important news stories of the week from March 3^rd to 7^th.

1. CBE hikes interest rates by 600 bps in special MPC meeting

The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) has increased the interest rates by 600 basis points (bps) at its special meeting on March 6^th.

2. IMF approves $8B loan to boost Egypt's economy

The International Monetary Fund (IMF) and Egyptian authorities have reached a significant agreement aimed at bolstering the country's economic outlook.

3. Egypt approves import of 1M tons of sugar

The Egyptian cabinet has approved the import of one million tons of sugar for the current year.

4. Egypt receives additional $5B from ADQ for Ras El-Hekma project

Egypt has received an additional $5 billion from Abu Dhabi Developmental Holding (ADQ) on March 1st for the development of Ras El-Hekma project.

5. Egypt eyes full duplication of Suez Canal

Egypt is considering the full duplication of the Suez Canal in the near future.

6. Egypt starts executive procedures for airports management privatization

Prime Minister Mostafa Madbouly has reviewed the proposed executive measures from the Ministry of Civil Aviation regarding airports management and operation by private sector companies.

7. Egypt's GAFI, Invest Qatar signs MoU to promote joint investments

The General Authority for Investment and Free Zones (GAFI) inked a memorandum of understanding (MoU) with the Promotion Agency Qatar (Invest Qatar) to encourage investment cooperation between Egypt and Qatar.

8. Egypt, FAO ink framework program

The Egyptian government has signed the framework program of the United Nations’ (UN) Food and Agriculture Organization (FAO) in Egypt.

9. Azimut plans to launch Egypt's 1st silver investment fund soon

Azimut Egypt plans to launch the first silver investment fund soon in the Egyptian market.

10. CBE directs banks to lift limit on foreign currency credit card usage

The Central Bank of Egypt (CBE) has directed the local banks to lift limits on using credit cards in foreign currency in an attempt to foster the domestic exchange market’s stability.

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