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New Limits Set for Withdrawals and Deposits in Banks

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Central Bank Egypt

Usually, in ordinary times, banks would allow a certain limit for daily deposits as well as withdrawals in bank branches. People weren’t necessarily confined to a certain amount and things had always gone smoothly and easily.

In light of the whole Coronavirus outbreak and the stress that has been going on, we are lucky that banks haven’t shut down completely altogether. At first, we were warned about the unsanitization of ATM machines and were told to be careful.

Even after the quarantine and having to stay home for a specific amount of days, each bank had changed their working hours to accommodate with the curfew we have been given. For instance, EG bank’s new working hours 9:30AM to 1:30AM.

The Central Bank of Egypt had announced earlier this morning that temporary daily limits will be imposed on people in terms of withdrawals and cash deposits. For the time being, people will only be capable of depositing or withdrawing an amount of $636, and as for companies, they can only deposit/withdraw $3,184.

As for ATM machines, the daily limit has been set to $318. The reason behind this new system is to ensure the protection of their people as well as to avoid crowd gatherings and social distancing. Once paychecks will be out, they fear that people would crowd the place. This new deal has been approved by the World Health Organization.

The bank has specifically asked Egyptian dealers to only rely on bank transfers as well as electronic payment methods such as phone wallets, bank cards, and more. We advise people to remain safe as they are trying to facilitate the process for people as much as possible.

 

 

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Egypt Jumps Ten Places in ‘Global Knowledge Index’ in Only One Year

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Egypt has jumped 10 places in just a year in the 2020 Global Knowledge Index (GKI), according to three infographics released by the Egyptian Cabinet’s Information and Decision Support Center.

The index, which gets issued every year by the United Nations Development Programme and the Mohammed bin Rashid Al Maktoum Knowledge Foundation, shows that Egypt has moved from the 82nd place to the 72nd in only one year.

The rankings are based on a survey done on the knowledge performance of 138 countries in 7 areas and 199 indicators. Egypt has shown great advancement in all areas, it moves 23 ranks up in the area of Technical and Vocational Education and Training and 11 ranks up in Pre-University Education.

The index also highlighted Egypt’s points of strength in education sector, which included higher enrollment in universities and a significant decline in out-of-school children. There’s also an increase in the number of students enrolling in vocational and technical schools.

Switzerland, the United States, and Finland came on top of the 2020 index.

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Egypt Set to Build Its First Train Factory in Port Said

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Egypt’s Ministry of Planning and Economic Development has announced that Egypt is planning on building its very first train factory in Port Said.

The factory will build EMUs, DMUs and monorail trains in East Port Said industrial zone.

The Ministry made the announcement on the 16th of September in a meeting attended between the minister of planning and economic development, Dr Hala El-Said, transport minister Major General Kamel El-Wazir and chairman of the Suez Canal Economic Zone Authority, Mr Yahia Zaki.

The meeting went over the project’s implementation plan and the possible outputs of the factory.

Egyptian Railways Services and Maintenance Company (Ermas) will most probably run the new plant in cooperation with the private sector including a number of international companies, such as the Suez Canal Economic Zone, and Egypt’s Sovereign Fund.

According to El-Waziri, the factory is seen as part of a localizing initiative that aims at producing railway equipment locally, in order to meet the rising demand both domestically and in Africa and on the Arabian peninsula.

The factory will help boost the Egyptian economy, in addition to generating hard currency and providing job opportunities.

 

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AstraZeneca COVID-19 vaccine Shows 90% Effectiveness With No Serious Side Effects

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AstraZeneca announced today the effectiveness of its Covid-19 vaccine and it turned out to be around 90% effective with no serious side effects!

According to data from the late-stage trials in Britain and Brazil, the vaccine, which is developed by Oxford University, has shown 90% effectiveness after being administered as a a half dose followed by a full dose at least one month apart.

“This vaccine’s efficacy and safety confirm that it will be highly effective against COVID-19 and will have an immediate impact on this public health emergency,” Pascal Soriot, Astra’s chief executive, said in a statement.

British Prime minister Boris Johnson said it was “incredibly exciting news the Oxford vaccine has proved so effective in trials.”

The next step now is for the company to start preparing regulatory submission of the data to authorities across the world that have a framework in place for conditional or early approval.

It will also seek an emergency use listing from the World Health Organization (WHO) to speed up availability in countries with low income. In parallel, the full analysis of the interim results is being submitted for publication in a peer-reviewed journal.

With both Oxford’s and Pfizer’s vaccines, we can be hopeful that the new year will come bearing good news!

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