What happened in the markets during the past hours, and why did the evil platforms spread their poison again? We heard them focusing their attack on the dollar and the economy, and what is new in the old rent law.. I wonder what is happening in the gold market.. Stay with us until the end and we will know the details in the next report.
Over the past few hours, more than one important event has occurred in Egypt, the most dangerous of which is the publication of false news about Egypt’s request from the International Monetary Fund to increase the value of the fourth tranche to $2 billion.
This news was denied by the Governor of the Central Bank, Hassan Abdullah, in his capacity as Egypt’s governor at the International Monetary Fund. He confirmed that there is no truth to what was reported in some media outlets regarding Egypt’s request to increase the next tranche from the International Monetary Fund.
Of course, we do not need to confirm that these rumors are aimed at creating a state of mistrust among people regarding the future of the Egyptian economy.. Hence the role of the government is to reveal and clarify the truth to the people, especially regarding issues that directly affect the economic situation of the country.
These rumors are mostly attempts to confuse the progress that Egypt is achieving… because every rumor that emerges and spreads could be part of a media or political pressure campaign whose goal is to make people lose confidence in the Egyptian economy… and this could be for the interests of certain parties…
Another important event was the decision of the Central Bank of Egypt to withdraw a very large amount of liquidity from banks operating in the market at a high interest rate of 27.75%.
The reasons for the decision are simply that the central bank’s primary role is to maintain the stability of the economy. That means it looks at inflation rates, which is, in short, the rise in prices, and controls them so that prices do not rise without oversight. One of these methods is that it raises interest rates in order to reduce the liquidity in the market.
Also, the Central Bank withdrawing liquidity shows the extent of inflation that the country is experiencing and a message that there is economic control that helps stabilize the market. Also, investors take the Central Bank’s steps seriously and this enhances their confidence in the economy. Therefore, withdrawing liquidity is important not only because of inflation, but Also, to preserve the value of the pound in the currency market.
Over the past few days, we have also seen many numbers about the development of Egyptian industries and Egyptian exports
In the latest official statistics, Egypt has achieved a very great achievement in the food industry sector and occupied the first nine places in exporting 13 different commodities. This is based on official data from the United Nations World Trade Center, which clearly indicated that Egypt led the export of more than one product.
Among these numbers, for example, Egypt has become number 1 in exporting frozen strawberries, imagine, and it also ranked fourth globally in exporting dried onions and in exporting seeds and oily fruits.
Among the important events that occupied the minds of Egyptians over the past period was the rapid development of the old rental crisis and the relationship between landlord and tenant.
As we know, the Supreme Constitutional Court issued a historic ruling that some articles in Law No. 136 of 1981, related to renting places and regulating the relationship between the landlord and the tenant, were unconstitutional. Since that ruling, people have been obsessed with the property. The landlord wants to evict the residents in any way, and the tenant does not. He wants to pay more than the percentage stated in the contracts, and there are problems and great confusion that currently exists among people.
The coalition of owners of old properties entered the crisis line due to the decision of the Supreme Constitutional Court and said that the owners have been subjected to injustice and oppression for more than 43 years due to the old rental system and law, and stressed that the rental value must rise to 2000 pounds, and the period to reconcile the situation must reach 3 years.
The Real Estate Owners Coalition also said that a new contract must be written between the landlord and the tenant, with the approval of both parties on the rental system, method, and value of the amount that the tenant will pay monthly in exchange for rent.
