Good news from the Central Bank.. Increases in the prices of recharge cards.. and a sudden change in the gold market.. Welcome to the Thursday news harvest.
We begin with good news from the Central Bank, which issued instructions to the banks participating in the InstaPay real-time payments network, to postpone the collection of fees on transactions indefinitely.
An official source explained that the Central Bank sent a letter not to impose any fees on transactions conducted through InstaPay, and to postpone the decision to impose fees as of the beginning of 2024.
Earlier, the Central Bank raised the maximum limits on the value of daily and monthly transactions, using the instantaneous payments network InstaPay, as of March 15, 2023.
The Central Bank confirmed at the time that the maximum limits had been amended through the applications of approved service providers contained in Clause No. (3-1-4) of the rules regulating the services of the instantaneous payments network InstaPay, which was called the national system for instantaneous payments.
The InstaPay application is the first application licensed by the Central Bank of Egypt to provide payment service via the real-time payments network. The Egyptian Banking Company, the technological arm of the Central Bank, has developed the real-time payments system and the InstaPay application in accordance with the directives of the Central Bank of Egypt, with the assistance of major international consulting companies specialized in Securing electronic payment networks and applications, as the new system relies on the latest data and transaction security systems in the world, which guarantee complete encryption of all confidential data and that it is not stored by the application, ensuring the maximum degree of protection for the rights of banking sector customers.
We go to the National Telecommunications Regulatory Authority… where informed sources from a number of public telecommunications companies in the Egyptian market revealed that the agency agreed to raise the prices of recharge cards in Egypt by up to 10%.
Telecommunications companies will begin implementing the increase starting today, Thursday 12-28-2023, in all citizen transactions.
According to sources in telecommunications companies, the estimated 10% increase included change cards and packages in telecommunications companies.
Telecommunications companies have submitted several requests to the National Telecommunications Regulatory Authority, with the aim of raising prices during the coming period, especially since the telecommunications sector is the only sector whose prices have not increased in a few years despite the current inflation.
The leadership of the four mobile companies operating in Egypt: (Orange, Etisalat, Vodafone, and We) meet periodically with the telecommunications regulator and this matter is raised. However, recently, the need to raise prices has increased in light of the decline in companies’ profits and the increase in the cost of services provided.
From the communications, we go to the gold market… where the price of gold fell today, Thursday, in the middle of trading, and a gram fell by 50 pounds, compared to its level at the beginning of trading, according to Nady Naguib, Secretary General of the Gold Division at the Cairo Chamber of Commerce.
14-karat gold prices fell to 2,100 pounds per gram.
The price of 18-karat gold fell to 2,700 pounds per gram.
The price of 21 carat gold fell to 3,150 pounds per gram.
The price of 24 karat gold reached 3,600 pounds per gram.
The price of the gold pound fell to 25,200 pounds, and the price may vary from one merchant to another, and this price is equal to the value of gold in the pound.
The price of gold globally fell to about $2,073 per ounce (an ounce is equivalent to about 31.1 grams of 24 karat gold), in the middle of Thursday’s trading, a decline of $3.7, or 0.18%, compared to its level at the end of yesterday’s trading.
The latest news with us is from the General Authority for the Suez Canal Economic Zone, which today, at its headquarters in the Administrative Capital, signed a project contract for the production and manufacture of travel luggage in the Qantara West Industrial Zone with the Chinese company Henneway, which works in the manufacture of travel bags.
According to a statement from the Authority, the project will be built on a total area of 120,000 square meters, with total investments amounting to $50 million.
The project aims to provide 2,000 job opportunities, and the actual operation of the project will begin in the first quarter of 2025.
Walid Gamal El-Din, President of the Suez Canal Economic Zone, said that signing a project contract today joins a series of partnership successes between the economic zone and Chinese investments.
He stressed that the Qantara West Industrial Area, where the project is being held, includes 11 projects in its first phase, in several areas, including:
Textiles and fabrics, spinning and weaving, ready-made clothing, medical devices, and sportswear, in addition to the travel luggage project with a total area of 1.44 million square meters, with investments amounting to $1.07 billion, to provide 20 thousand job opportunities, as it is a promising industrial area and can receive more investments. It was able to gain the confidence of investors in a short period.
2023-12-28 20:50:51
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