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Ramses Central Fire Disrupts EGX
- What: A fire broke out on Monday evening inside the iconic Ramses Central building in downtown Cairo, which is owned by Telecom Egypt “WE” (ETEL). It caused major internet disruptions and led to a halt in trading on Tuesday, as electronic order execution was disrupted.
- So What: Ramses Central is a key hub for telecommunications and internet in Egypt, serving vital sectors such as banks, brokerage firms, & more.
- Now What: A stock exchange official stated that trading will resume only after services from Misr for Central Clearing (MCDR) are fully restored. He told Al Borsa newspaper that trading sessions will not resume until clearing and settlement operations are confirmed to be fully stable and functional.
CBE Raises Daily Cash Withdrawal Limit
- What: The Central Bank of Egypt has temporarily raised the daily cash withdrawal limit from bank branches to EGP 500,000, up from EGP 250,000. The move comes in response to disruptions in telecommunications and internet services following the Ramses fire.
- So What: The decision aims to ensure the continuity of financial activity amid widespread outages in electronic systems and to help banks and clients overcome connectivity issues. Digital banking services have been heavily impacted, including ATMs, point-of-sale terminals, and online/mobile banking in several areas.
- Now What: The central bank stated that the raised withdrawal limit will remain in effect until telecom services are fully restored. Banks will also work to facilitate cash withdrawals and ensure the availability of liquidity for customers.
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