{"id":569275,"date":"2020-02-19T04:14:30","date_gmt":"2020-02-19T04:14:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=569275"},"modified":"2025-12-16T06:49:18","modified_gmt":"2025-12-16T06:49:18","slug":"what-has-been-driving-the-egp-appreciation-and-who-stands-to-gain-or-lose-from-its-rally","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/what-has-been-driving-the-egp-appreciation-and-who-stands-to-gain-or-lose-from-its-rally\/","title":{"rendered":"What has been driving the EGP appreciation \u2014 and who stands to gain or lose from its rally?"},"content":{"rendered":"<section id=\"569277\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"569277\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/what-were-tracking-on-19-february-2020\/\">\r\n                            What we\u2019re tracking on 19 February 2020                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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class=\"content-area-description single-story post-569277 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-abdel-fattah-el-sisi tag-amazon tag-automotive tag-brexit tag-central-bank-of-egypt tag-china tag-climate tag-coal tag-covid-19 tag-diplomacy tag-enterpriseam tag-europe tag-house-of-representatives tag-hsbc tag-interest-rates tag-japan tag-jeff-bezos tag-labor-act tag-lebanon tag-legislation tag-nissan tag-politics tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Tomorrow is interest rate day:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/452adb89-769a-4d1d-a084-7aa4d511604a\">Our poll earlier this week<\/a> showed a definite lack of consensus among analysts about whether the central bank will cut interest rates or keep them unchanged when it meets tomorrow, with six forecasting a cut and five calling a hold. <a href=\"https:\/\/af.reuters.com\/article\/investingNews\/idAFKBN20C0QJ-OZABS\">A Reuters poll<\/a> published yesterday showed similar results.<\/p><p><strong>Belarus President Alexander Lukashenko will arrive in Egypt today<\/strong> for a two-day official visit during which he will hold talks with President Abdel Fattah El Sisi and participate in the Belarus-Egypt Business Cooperation Council, <a href=\"https:\/\/eng.belta.by\/president\/view\/lukashenko-to-visit-egypt-on-19-20-february-128232-2020\/\">according to Belarusian state media<\/a>.<\/p><p><strong>The House of Representatives is studying the legislation governing rent control<\/strong> with an eye to finalizing it within three months, Rep. Soliman Wahdan <a href=\"https:\/\/alborsaanews.com\/2020\/02\/18\/1297751\">tells the local press<\/a>. Also expected to be finalized by the same deadline: The <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/14\/house-to-look-at-family-planning-in-the-next-house-session\/\">Labor Act<\/a> and <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/08\/what-were-tracking-this-week-and-beyond-72\/\">Criminal Procedures Act<\/a>.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>It\u2019s looking like the final GERD agreement isn\u2019t going to be signed by the end of the<\/strong><strong> month as was previously expected.<\/strong> Despite reaching an initial agreement and appearing to be on track to sign a final contract on the Grand Ethiopian Renaissance Dam (GERD) with Egypt and Sudan, Ethiopia apparently doesn\u2019t see eye-to-eye with its northern neighbors on certain issues. Speaking at a joint presser with US Secretary of State Mike Pompeo, Ethiopia\u2019s foreign minister said there remain some \u201coutstanding issues\u201d to iron out, <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/363710\/Egypt\/Politics-\/Pompeo-says-EthiopiaEgypt-dam-dispute-could-take-m.aspx\">AFP reports<\/a>. Pompeo also suggested the end-of-month target for a final agreement is now out of reach, saying, \u201ca great [amount] of work remains, but I\u2019m optimistic that over the coming months we can resolve this.\u201d<\/p><hr class=\"grey-line\"><p><strong>The only patient in Egypt to <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/72b41ade-6a5e-45d0-91ca-0ea794a55761\">have been diagnosed<\/a><\/strong><strong>with covid-19 is in good health <\/strong><strong>and has not been showing any symptoms<\/strong>, <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/363687\/Egypt\/Politics-\/Egypts-only-coronavirus-patient-shows-no-symptoms,.aspx\">Health Minister Hala Zayed said, according to Ahram Online<\/a>. Meanwhile, the two Egyptian expats in Wuhan who were diagnosed with the virus and barred from boarding an evacuation flight to return to Egypt are also in good condition and will be returning home soon after their quarantine period is completed.<\/p><p><strong>The spread of the virus in China appears to be slowing<\/strong>, but \u201cexperts cautioned against predicting that the worst was over,\u201d <a href=\"https:\/\/www.nytimes.com\/2020\/02\/18\/world\/asia\/china-coronavirus-cases.html\">the New York Times reports<\/a>. The death toll globally now exceeds 2k, with a total of 74,185 infections.<\/p><p class=\"web-image stand-out-borderless\"><a href=\"http:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/Golf-1600px.png?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>HSBC is taking dramatic measures as macro headwinds halve its profits. <\/strong>Europe\u2019s largest bank in terms of assets said it plans to cut over USD 100 bn of its assets by the end of 2022, drop its headcount from 235k to 200k over three years, suspend buybacks for two years, and revamp its US and European businesses, <a href=\"https:\/\/apnews.com\/b217c6b1bf1661c2bbce0eff9a20c3cc\">the Associated Press reported<\/a>. The overhaul will also see HSBC cull some 224 branches in the US, <a href=\"https:\/\/www.reuters.com\/article\/us-hsbc-hldg-results\/hsbc-to-slash-investment-bank-35000-jobs-in-strategy-overhaul-idUSKBN20C0BF\">Reuters notes<\/a>. HSBC\u2019s net profit tumbled 53% in 2019 and is seeing \u201csignificant disruption\u2033 this year as the covid-19 continues spreading, interim CEO Noel Quinn said.<\/p><p><strong>Want to go deeper? The FT has a great piece on shareholder concerns that HSBC is <\/strong><strong>effectively taking on too much <\/strong>with a<a href=\"https:\/\/www.ft.com\/content\/ee66477e-526a-11ea-8841-482eed0038b1\">caretaker leader in place<\/a>.<\/p><p><strong>Nissan\u2019s shareholders are demanding \u201cquick fixes\u201d to address the fallout from <\/strong><strong>the Carlos Ghosn scandal<\/strong>, which has resulted in the automaker seeing its stock prices falling, failing to pay shareholder dividends, and turning in a quarterly loss for the first time in over a decade, <a href=\"https:\/\/apnews.com\/3180b827709bea8932693f5572be0a2e\">the Associated Press reported<\/a>. New CEO Makoto Uchida said he will announce a recovery plan, which would also address governance issues, in May.<\/p><p><strong>CLIMATE WATCH- Glencore Plc, the world\u2019s largest coal shipper, sees its customers\u2019 carbon <\/strong><strong>emissions falling by 30% over the next 15 years<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-02-18\/glencore-sees-carbon-emissions-falling-as-coal-mines-fade-away?srnd=premium-middle-east&amp;sref=mmeFTDW1\">according to Bloomberg<\/a>. The shipper did not explain, though, how much coal production would be cut to meet the projection. The company said that indirect emissions created by the company\u2019s products are falling on the back of the depletion of mines in Colombia and South Africa.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Bezos commits USD 10 bn to face climate crisis:<\/strong> The world\u2019s richest man and Amazon CEO Jeff Bezos said he will fund scientists, activists, and NGOs to explore new ways of fighting the impact of climate change, <a href=\"https:\/\/www.nytimes.com\/2020\/02\/17\/technology\/jeff-bezos-climate-change-earth-fund.html\">the New York Times reports<\/a>. Last year, Bezos introduced a \u201cClimate Pledge\u201d and said that Amazon will be meeting the Paris climate agreement goals 10 years ahead of schedule as it becomes carbon-neutral by 2040.<\/p><hr class=\"grey-line\"><p><strong>Former New York mayor Michael Bloomberg has qualified for the Democratic <\/strong><strong>presidential debate taking place in Las Vegas today<\/strong>, <a href=\"https:\/\/www.washingtonpost.com\/politics\/2020\/02\/18\/mike-bloombergs-formula-is-paying-off-big-time-now-comes-hard-part\/?hpid=hp_hp-top-table-low_fix-bloomberg-1030a%3Ahomepage%2Fstory-ans&amp;itid=hp_hp-top-table-low_fix-bloomberg-1030a%3Ahomepage%2Fstory-ans\">the Washington Post reports<\/a>. Bloomberg surged to the second spot in an <a href=\"http:\/\/maristpoll.marist.edu\/wp-content\/uploads\/2020\/02\/UPDATED_Tuesday-Release_NPR_PBS-NewsHour_Marist-Poll_USA-NOS-and-Tables_2002171446.pdf\">NPR\/Marist College poll<\/a>, he secured the support of 19% of US Democratic primary voters. The national qualifying poll requires candidates to earn at least 10% of the votes to qualify for the debate. Senator Bernie Sanders continues to lead the pack with 31% of the poll\u2019s votes.<\/p><p>In international miscellany:<\/p><ul>\n<li><strong>The EU is deploying warships \u201cto enforce\u201d an arms embargo on Libyan <\/strong><strong>warring factions<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-02-17\/eu-to-deploy-warships-off-libya-in-first-sign-of-military-muscle?srnd=premium-middle-east\">according to Bloomberg<\/a>.<\/li>\n<li><strong>Lebanon\u2019s premier turns to Iran after getting cold shoulder from the GCC:<\/strong> Lebanese Prime Minister Hassan Diab met with Iranian Parliament Speaker Ali Larijani yesterday to discuss how Tehran could help Lebanon through its economic crisis, after appearing to get snubbed by its \u201crich Gulf neighbors,\u201d <a href=\"https:\/\/www.reuters.com\/article\/us-lebanon-crisis\/snubbed-by-gulf-lebanons-pm-diab-hosts-iranian-official-idUSKBN20B1LU\">according to Reuters<\/a>.<\/li>\n<\/ul><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development and even social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue:<\/strong> We look at why multiple pieces of legislation that aim to reform our water usage have been mouldering in the House of Representatives for years (literally years).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amazon\/\">Amazon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/brexit\/\">Brexit<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/japan\/\">Japan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jeff-bezos\/\">Jeff Bezos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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<div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-569279\" class=\"content-area-description single-story post-569279 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-banking tag-debt tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-healthcare tag-information-and-decision-support-center tag-manufacturing wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Another slow news day once again permeated the airwaves, leaving the talking heads<\/strong><strong> with little to ponder over. <\/strong><\/p>\n<p><strong>Egypt tops list of fastest growing Middle Eastern economies -cabinet: <\/strong>Al Hayah Al Youm\u2019s Hossam Haddad took note of a timelapse graph published yesterday by the cabinet\u2019s Information and Decision Support Center showing the progression of the economy\u2019s growth rate since 2011 compared to that of other Middle Eastern countries (<a href=\"https:\/\/www.youtube.com\/watch?v=hB32MxqMas4\">watch, runtime: 2:23<\/a>). Masaa DMC\u2019s Ramy Radwan (<a href=\"https:\/\/www.youtube.com\/watch?v=WkhN-WVLgOA&t=17s\">watch, runtime: 10:22<\/a>) and Min Masr\u2019s Amr Khalil (<a href=\"https:\/\/www.youtube.com\/watch?v=JsRO00Qvxzg\">watch, runtime: 8:58<\/a>) both had lengthy segments on this.<\/p>\n<p><strong>CBE debt settlement initiative moving forward: <\/strong>The Central Bank of Egypt\u2019s (CBE) debt relief initiative, which is aimed at factories, has recently waived EGP 18.4 bn-worth of interest payments on non-performing loans, CBE Governor Tarek Amer said during a cabinet economic group meeting, according to Haddad (<a href=\"https:\/\/www.youtube.com\/watch?v=6hIH39eYOFY\">watch, runtime: 8:13<\/a>). We noted <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca5d7706-11c0-480e-b9cf-ea4316c40961\">last week<\/a> that the initiative has so far settled EGP 48.5 bn of debt and interest for struggling factories and companies.<\/p>\n<p><strong>Your regularly scheduled denial of more covid-19 cases: <\/strong>Health Ministry Spokesperson Khaled Megahed denied voice notes circulating on social media alleging that the covid-19 is prevalent in schools and other public places despite the lack of any official announcements. Such messages only serve to create \u201cpanic\u201d among Egyptians, Megahed told Yahduth Fi Misr\u2019s Sherif Amer (<a href=\"https:\/\/www.youtube.com\/watch?v=2Klpirpm8Eo\">watch, runtime: 9:49<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/information-and-decision-support-center\/\">Information and Decision Support Center<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"569280\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"569280\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Speed Round<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/what-has-been-driving-the-egp-appreciation-and-who-stands-to-gain-or-lose-from-its-rally\/\">\r\n                            What has been driving the EGP appreciation \u2014 and who stands to gain or lose from its rally?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/what-has-been-driving-the-egp-appreciation-and-who-stands-to-gain-or-lose-from-its-rally\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/what-has-been-driving-the-egp-appreciation-and-who-stands-to-gain-or-lose-from-its-rally\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/what-has-been-driving-the-egp-appreciation-and-who-stands-to-gain-or-lose-from-its-rally\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=What has been driving the EGP appreciation \u2014 and who stands to gain or lose from its rally?&url=https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/what-has-been-driving-the-egp-appreciation-and-who-stands-to-gain-or-lose-from-its-rally\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/what-has-been-driving-the-egp-appreciation-and-who-stands-to-gain-or-lose-from-its-rally\/&title=What has been driving the EGP appreciation \u2014 and who stands to gain or lose from its rally?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=What+has+been+driving+the+EGP+appreciation+%E2%80%94+and+who+stands+to+gain+or+lose+from+its+rally%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F02%2F19%2Fwhat-has-been-driving-the-egp-appreciation-and-who-stands-to-gain-or-lose-from-its-rally%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/what-has-been-driving-the-egp-appreciation-and-who-stands-to-gain-or-lose-from-its-rally\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/252.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"569281\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/what-has-been-driving-the-egp-appreciation-and-who-stands-to-gain-or-lose-from-its-rally\/252-jpg-23\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/252.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"252.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/252.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/252.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-569280\" class=\"content-area-description single-story post-569280 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-central-bank-of-egypt tag-currencies tag-economy tag-egp tag-enterpriseam tag-speed-round tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>EXCLUSIVE- What has been driving the EGP appreciation \u2014 and who stands to gain or<\/strong><strong> lose from its rally? <\/strong>The EGP has been on tear for more than a year now, gaining almost 13% against the greenback since the beginning of 2019, when it stood at EGP 17.85 \/ USD 1. In 2020 alone, the currency has strengthened 44 piasters to hit EGP 15.56, and it was changing hands for 15.67 yesterday.<\/p>\n<p><strong>This story has two parts: <\/strong>If you\u2019ve not been following the EGP, start at the top with \u201cWhat\u2019s going on\u201d for a rundown of what is propelling the EGP\u2019s appreciation. If you think you\u2019ve got that down cold, skip straight to \u201cWhat it means for business,\u201d below, where we talk winners and losers \u2014 and look at how it is that <strong>there isn\u2019t really a consensus from analysts on where the EGP is heading against the greenback by year\u2019s end.<\/strong><\/p>\n<p><strong>WHAT\u2019S GOING ON?<\/strong><\/p>\n<p>Analysts we spoke with all told one version or another of the now-standard narrative on what\u2019s driving the appreciation:<\/p>\n<ul>\n<li>Strong investor appetite for Egyptian debt (the \u201ccarry trade\u201d that we speak of so often in Enterprise);<\/li>\n<li>Strong remittance flows from Egyptians who live and work abroad;<\/li>\n<li>Increasing tourism revenues thanks to the ongoing recovery;<\/li>\n<li>Significant \u201cde-USD-ization\u201d of the economy starting in early 2017 as businesses and individuals like stopped hoarding USD after the float amid tight regulation and the attractiveness of high interest rates.<\/li>\n<\/ul>\n<p><strong>It\u2019s all about the hot money<\/strong>, or foreign inflows into government debt, which is mainly sourced from carry traders borrowing at low interest rates and then lending to the Egyptian government at higher rates, say EFG Hermes\u2019 macro unit head Mohamed Abu Basha and veteran economist Hany Tawfik. Inflows nearly doubled to USD 24 bn since 2018, and this happened in a time of decreased local demand for the USD and fewer Egyptians holding on to the USD as a safe haven asset. The CBE had ended the the FX mechanism <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/29\/cbe-to-terminate-forex-repatriation-mechanism-on-4-december\/\">in late 2018<\/a>, which meant the central bank no longer had to guarantee new portfolio investments and could let the interbank market handle repatriation. Analysts said at the time the move would be good for the FX market and the EGP, since the mechanism was keeping the EGP from reaching its full potential.<\/p>\n<p><strong>Investors pile into long-term debt, signaling confidence in the economy<\/strong><strong>:<\/strong> Investors are increasingly looking at longer-term debt instruments as the CBE pushes forward with its monetary easing cycle, meaning they are willing to invest in the long haul, said Fakhry El Fiky, former IMF advisor and CBE board member. These investors still see the carry trade as being attractive, and are being guided by positive outlooks from credit ratings agencies and international institutions. News that the government is in talks with the IMF for a post-loan agreement is also inspiring investor confidence in the economy\u2019s trajectory moving forward, according to El Fiky.<\/p>\n<p><strong>Because even with rate cuts (apparently) on a declining path, they\u2019re still really attractive <\/strong>in a world of low-to-negative interest rates. See, for example, Bloomberg\u2019s headline story a week ago: <strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-02-12\/world-s-best-carry-trade-thrives-with-egypt-s-rate-cuts-on-pause\">World\u2019s best carry trade thrives with Egypt\u2019s rates on pause<\/a><\/strong> \u2014 and buying may have intensified as investors look to lock in yield amid expectations of rate cuts to come.<\/p>\n<p><strong>Is the CBE offering a helping hand? <\/strong><strong>Nope. <\/strong>Speculation was rife last summer that the strengthening EGP could be a direct result of CBE intervention. The consensus today is that the central bank doesn\u2019t have its finger on the scale. According to El Fiky: \u201cThe FX market has been moving according to supply and demand since the EGP float in November 2016. The lack of FX availability at the time prompted the currency to dip to EGP 20 to the USD instead of stabilizing closer to its fair value of EGP 13-14 [to the greenback].\u201d<\/p>\n<p><strong>And what about state-owned banks?<\/strong> The country\u2019s two biggest state-owned banks \u2014 the National Bank of Egypt, which holds 28% of deposits in the banking sector, and Banque Misr, which holds 15% \u2014 have significant USD liquidity thanks to foreign investments in treasury bills, investment banking sources tell Enterprise. This excess FX liquidity is then injected into the interbank market. It\u2019s impossible for banks to stockpile FX because the central bank monitors banks\u2019 FX levels, El Fiky said.<\/p>\n<p><strong>The real helping hands are rising exports, good improvements in tourism revenues and remittances, higher Suez Canal revenues, and foreign direct investment<\/strong>, according to El Fiky.<\/p>\n<ul>\n<li><strong>Annual exports<\/strong> have risen by around USD 7 bn since the start of the economic reform program in 2016 to hit USD 28.5 bn in FY2018-2019. This was mainly thanks to oil exports which almost doubled to USD 11.5 bn;<\/li>\n<li><strong>Tourism receipts<\/strong> stood at USD 12.6 bn in fiscal year 2018-2019, up nearly 260% from USD 3.5 bn in the year following the Russian metrojet crisis in 2015.<\/li>\n<li><strong>Remittances<\/strong> jumped to USD 26.5 bn a year post the EGP float and have stabilized close to that figure;<\/li>\n<li><strong>Suez Canal revenues<\/strong> inched up to USD 5.9 bn last fiscal year despite headwinds from global trade wars;<\/li>\n<li><strong>FDI<\/strong> started a modest recovery in the second half of 2019.<\/li>\n<\/ul>\n<p><strong>Overall, foreign currency inflows jumped to USD 95 bn in 2019,<\/strong> from USD 82 bn in 2018 and USD 71 bn in 2017, El Fiky said.<\/p>\n<p><strong>So far in 2020, inflows have reached USD 12 bn from the sources above,<\/strong> <a href=\"https:\/\/hapijournal.com\/2020\/02\/16\/%d9%85%d8%b3%d8%a4%d9%88%d9%84-%d8%a8%d8%a7%d9%84%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d9%85%d8%b5%d8%b1-%d8%aa%d9%84%d9%82%d8%aa-%d8%aa%d8%af%d9%81%d9%82%d8%a7%d8%aa-%d8%a8%d9%82%d9%8a%d9%85%d8%a9-12\/\">a CBE official told state news agency MENA on Sunday<\/a>. This speaks of how attractive the market is for investment funds and international financial institutions despite regional tensions, the official said.<\/p>\n<p><strong>EMPI reading shows decreased pressure on FX market:<\/strong> The continued EGP strengthening has resulted in a lower reading for Pharos Holding\u2019s Exchange Market Pressure Index (EMPI), which measures foreign currency market pressure resulting from the economy\u2019s fundamentals and speculative attacks. The gauge is also now moving in line with the currency, unlike what was seen following the float, when EMPI showed high market pressure despite a stable currency, Pharos\u2019 head of research Radwa El Swaify said.<\/p>\n<p><strong>WHAT IT MEANS FOR BUSINESS<\/strong><\/p>\n<p><strong>So, how is this all affecting business?<\/strong> Exporters across the board are standing on the losing side of the EGP rally, El Swaify says, particularly as exports have struggled to pick up over the past few years because of problems that have little to do with the FX rate. El Swaify notes that most EGX-listed companies with exports in their revenue base haven\u2019t been able to grow the percentage of exports in their revenue base. Exporting companies that rely on importing raw materials will not be as hard-hit, though, since the EGP rally means they are buying inputs at a lower cost, which somewhat levels out the playing field, El Fiky added.<\/p>\n<p><strong>One of the issues facing industry is high input costs<\/strong>, which El Fiky suggests could be alleviated to a certain degree if the government cuts natural gas prices for heavy consumption factories to help make them more competitive abroad.<\/p>\n<p><strong>Which industries in specific are most vulnerable?<\/strong> Sitting at the top of the list of industries that have the most to lose from the EGP rally are the petrochemicals, fertilizers, and steel industries, El Swaify notes. Sigma Capital\u2019s head of research Abu Bakr Emam is of the same mind, pointing specifically to fertilizers and chemical products. They have business models tilted heavily toward exports, and their products just lost their cost competitiveness. Soft oil and commodity prices aren\u2019t helping, either.<\/p>\n<p><strong>Agricultural exports could also be in trouble if the EGP continues to appreciate<\/strong> and breaks the EGP 14 \/ USD 1 barrier, according to the head of the exporters division at the Federation of Egyptian Chambers of Commerce, Sherif El Gabaly. Division member Hossam Elwan is of the same mind, but sees the tipping point at EGP 15 \/ USD 1 \u2014 a barrier he believes will be broken before the year is out. In the meantime, undermined competitiveness is being offset by cheaper inputs of packaging material, Elwan says. El Gabaly sees the currency\u2019s upwards trajectory as a chance for Egyptian exporters to tap into new markets such as China and African countries, which could compensate for the drop in competitiveness in more crowded markets.<\/p>\n<p><strong>Tourism probably won\u2019t take much of a hit<\/strong>, because Egypt remains a relatively cheap destination for tourists, El Swaify says.<\/p>\n<p><strong>What\u2019s the outlook for the EGP?<\/strong> As it currently stands, it\u2019s fairly unlikely that the EGP will keep up its rally at the same pace, since foreign investments in government debt will probably not continue increasing forever, CI Capital Head of Macro and Financials Sara Saada says. Egypt may look better than other emerging markets, but there\u2019s a point at which rates go so low here that the carry trade starts to look elsewhere.<\/p>\n<p><strong>Hot money can always flee: <\/strong>The currency\u2019s strengthening has not been driven by sustainable sources and factors \u2014 save for rising tourism inflows and stable remittances \u2014 which means the EGP is susceptible to sharp volatility if we see a sudden drop in hot money, Tawfik warns. That means the country has to see a healthy uptick in FX inflows from more sustainable sources, such as FDI, to prolong the EGP rally, Saada says.<\/p>\n<p><strong>Analysts and businesses alike are all over the map with where the EGP is headed by the end of 2020.<\/strong> With ongoing trade wars, a slowing global economy, the covid-19 outbreak, Brexit, and a drop in oil and commodity prices around the world, there are too many factors subject to rapid change to be able to accurately predict where our currency will end up, Tawfik says.<\/p>\n<ul>\n<li>El Swaify suggests the average FX rate this year will be at EGP 16.25 \/ USD 1, but doesn\u2019t rule out closing out the year at <strong>EGP 15<\/strong> to the greenback if FX inflows exceed expectations.<\/li>\n<li>CI Capital is currently revising its previous projections of the currency weakening to <strong>EGP 16 <\/strong>to the greenback at the end of the year;<\/li>\n<li>HC\u2019s Monette Doss expects it to slide to <strong>EGP 16.30<\/strong> \/ USD 1.<\/li>\n<li>Deutsche Bank said in a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6fa54bf6-12d1-4a3b-aec8-8679ee5ada4a\">report earlier this month<\/a> it expects the EGP to fall to 15.50 against the USD by the end of 1H2020 and <strong>EGP 15.00<\/strong> by the end of the year.<\/li>\n<li>Some 52.5% of respondents to the 2020 Enterprise Reader Poll see the FX rate at <strong>EGP 15.51-16.50 <\/strong>at mid-year.<\/li>\n<\/ul>\n<p><strong>And the wildcard nobody is talking about when looking at the EGP\u2019s future path:<\/strong><strong> Interest <\/strong><strong>rates. <\/strong>Just not in the way you think. The business community has held back from borrowing since the CBE jacked interest rates after the float \u2014 delaying in many cases everything but critical maintenance and borrowing only to finance cashflows, not for capex. Now, consider this: Businesses take on debt at variable interest rates, not the fixed rates at which individuals borrow. As long as they believe rates are on a declining path in 2020, pent-up demand from corporates should see strong growth in corporate borrowing this year.<\/p>\n<p><strong>And what do you think these folks are going to be buying with that fresh debt on board? <\/strong>All sorts of imported things \u2014 particularly capital goods and other imports, putting pressure on importers to re-stock and, as a result, pushing up the demand for the USD.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/currencies\/\">currencies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"569294\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"569295\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"569295\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/569295\/\">\r\n                                                    <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/569295\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/569295\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/569295\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=&url=https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/569295\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/569295\/&title=\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F02%2F19%2F569295%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/569295\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-569295\" class=\"content-area-description single-story post-569295 post type-post status-publish format-standard hentry category-egypt-in-the-news wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a very quiet morning for Egypt in the foreign press.<\/strong><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"569296\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"569296\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/egypt-leading-global-oranges-market-for-second-year-in-a-row\/\">\r\n                            Egypt leading global oranges market for second year in a row                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/egypt-leading-global-oranges-market-for-second-year-in-a-row\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/egypt-leading-global-oranges-market-for-second-year-in-a-row\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/egypt-leading-global-oranges-market-for-second-year-in-a-row\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt leading global oranges market for second year in a row&url=https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/egypt-leading-global-oranges-market-for-second-year-in-a-row\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/egypt-leading-global-oranges-market-for-second-year-in-a-row\/&title=Egypt leading global oranges market for second year in a row\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+leading+global+oranges+market+for+second+year+in+a+row+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F02%2F19%2Fegypt-leading-global-oranges-market-for-second-year-in-a-row%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/egypt-leading-global-oranges-market-for-second-year-in-a-row\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-569296\" class=\"content-area-description single-story post-569296 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-agriculture tag-diplomacy-foreign-trade tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt was the world\u2019s largest exporter of oranges in 2019, overtaking Spain for <\/strong><strong>the second consecutive year<\/strong>, Agriculture Export Council head <a href=\"https:\/\/alborsaanews.com\/2020\/02\/18\/1298010\">Abdel Hamid El Demerdash said<\/a>. Exports of the crop reached 1.68 mn tonnes, El Demerdash added without specifying a value. Egyptian oranges have been gaining ground in European and global markets, with sales growing by 17% <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/23\/egypt-is-about-to-overtake-spain-as-worlds-largest-orange-exporter\/\">last year<\/a> in Europe alone. Egypt is already one of the world\u2019s largest producers of oranges, behind Brazil, India, China, Mexico, the US and Spain.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"569300\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"569300\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/the-market-yesterday-33\/\">\r\n                            The Market Yesterday                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/the-market-yesterday-33\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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CIB, the index\u2019s heaviest constituent, ended down 0.8%. EGX30\u2019s top performing constituents were Ibnsina Pharma up 3.1%, Cleopatra Hospital up 0.9%, and Eastern Company up 0.1%. Yesterday\u2019s worst performing stocks were Heliopolis Housing down 5.9%, GB Auto down 4.8% and Sidi Kerir Petrochemicals down 3.6%. The market turnover was EGP 797 mn, and domestic investors were the sole net buyers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Short | EGP -326.2 mn<br \/>\n <strong>Regional<\/strong>: Net Short | EGP -54.6 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +380.9 mn<\/p>\n<p><strong>Retail<\/strong>: 11.4% of total trades | 16.1% of buyers | 6.7% of sellers<br \/>\n <strong>Institutions<\/strong>: 88.6% of total trades | 83.9% of buyers | 93.3% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 52.15 (+0.19%)<br \/>\n <strong>Brent:<\/strong> USD 57.89 (+0.24%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.96 MMBtu, (-0.96%, March 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,604.70 \/ troy ounce (+0.07%)<\/p>\n<p><strong>TASI:<\/strong> 7,858.93 (-0.17%) (YTD: -6.32%)<br \/>\n <strong>ADX:<\/strong> 5,055.74 (-0.53%) (YTD: -0.39%)<br \/>\n <strong>DFM:<\/strong> 2,749.24 (0.00%) (YTD: -0.56%)<br \/>\n <strong>KSE Premier Market:<\/strong> 6,801.61 (-1.05%)<br \/>\n <strong>QE:<\/strong> 9,775.75 (+0.69%) (YTD: -6.23%)<br \/>\n <strong>MSM:<\/strong> 4,149.07 (-0.38%) (YTD: +4.22%)<br \/>\n <strong>BB: <\/strong>1,659.98 (-0.17%) (YTD: +3.09%)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-market-yesterday\/\">The Market Yesterday<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"569301\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/569301\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-569301\" class=\"content-area-description single-story post-569301 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>February: An Italian business delegation <a href=\"https:\/\/almalnews.com\/%d9%88%d9%81%d8%af-%d8%a5%d9%8a%d8%b7%d8%a7%d9%84%d9%8a-%d9%8a%d8%b2%d9%88%d8%b1-%d9%85%d8%b5%d8%b1-%d9%81%d8%a8%d8%b1%d8%a7%d9%8a%d8%b1-%d8%a7%d9%84%d9%85%d9%82%d8%a8%d9%84-%d9%84%d9%84%d8%aa%d8%b9\/\">will visit Egypt<\/a> to discuss investments in the Port Said industrial zone.<\/p>\n<p>February: Higher Education Minister Khaled Abdel-Ghaffar <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=19112019&id=2b9e9b1c-45ad-4af5-82a9-f8650319c562\">will visit<\/a> Minsk, Belarus.<\/p>\n<p>19-21 February (Wednesday-Friday): Egyptian Chamber of Leather Industry will participate in the <a href=\"https:\/\/www.lineapelle-fair.it\/en\">Lineapelle Milano<\/a> International Trade Fair, Milan, Italy.<\/p>\n<p>20 February (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>23 February (Sunday): Court session for Arabia Investments Holdings\u2019 <a href=\"https:\/\/almalnews.com\/%d8%aa%d8%a3%d8%ac%d9%8a%d9%84-%d8%af%d8%b9%d9%88%d9%89-%d8%a7%d9%84%d8%b9%d8%b1%d8%a8%d9%8a%d8%a9-%d9%84%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1%d8%a7%d8%aa-%d8%b6%d8%af-%d8%a8%d9%8a%d8%ac-6\/\">lawsuit against Peugeot<\/a>. It was previously postponed to 24 November 2019 and then to 5 January 2020, and now 23 February.<\/p>\n<p>23 February (Sunday): Court session for Amer Group, Porto Group compensation claim against Antaradous<\/p>\n<p>23 February-29 February (Sunday-Saturday): 20 Egyptian companies <a href=\"http:\/\/bit.ly\/2P0fnJc\">will participate<\/a> in the \u201cEgyptian Trade Week\u201d in Kampala, Uganda.<\/p>\n<p>March: An international conference <a href=\"http:\/\/bit.ly\/39FeKfU\">to market investment prospects<\/a> in the Suez Canal Economic Zone.<\/p>\n<p>March: <a href=\"https:\/\/bit.ly\/2RMVwyZ\">South Korean business delegation to visit Egypt<\/a>.<\/p>\n<p>March: <a href=\"http:\/\/www.menafatf.org\/about\">The Middle East and North Africa Financial Action Task Force<\/a> (MENAFATF) <a href=\"https:\/\/almalnews.com\/%d9%85%d8%ac%d9%85%d9%88%d8%b9%d8%a9-%d8%a7%d9%84%d8%b9%d9%85%d9%84-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a-%d8%aa%d8%b2%d9%88%d8%b1-%d9%85%d8%b5%d8%b1-%d9%85%d8%a7%d8%b1%d8%b3-%d8%a7%d9%84%d9%85%d9%82\/\">will visit<\/a> Egypt to assess the progress of actions taken to combat money laundering and terrorist sponsoring activities.<\/p>\n<p>1 March (Sunday): <a href=\"https:\/\/www.pdac.ca\/convention\/programming\/presentation-reception-rooms\/sessions\/presentation-reception-rooms\/egyptian-mining-day-(reception-room)\">Egyptian Mining Day<\/a>, Prospectors & Developers Association of Canada Convention, Toronto, Canada.<\/p>\n<p>1 March (Sunday): <a href=\"https:\/\/www.youm7.com\/story\/2019\/11\/28\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%BA%D8%B1%D9%81%D8%A9-%D8%A7%D9%84%D8%A5%D8%B3%D9%83%D9%86%D8%AF%D8%B1%D9%8A%D8%A9-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D9%8A%D8%A9-%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AA%D8%B6%D9%8A%D9%81-%D9%85%D8%A4%D8%AA%D9%85%D8%B1%D8%A7-%D8%AF%D9%88%D9%84%D9%8A%D8%A7-%D8%B9%D9%86-%D8%A7%D9%84%D9%84%D9%88%D8%AC%D8%B3%D8%AA%D9%8A%D8%A7%D8%AA\/4516709\">A conference<\/a> on \u201clogistics and its impact on the movement of goods and industry,\u201d venue TBD, Alexandria.<\/p>\n<p>2-5 March (Monday-Thursday): EFG Hermes\u2019 16th annual <a href=\"https:\/\/oneonone2020.efghermes.com\/pages\/home.aspx\">One on One conference<\/a>, Atlantis, The Palm, Dubai.<\/p>\n<p>3 March (Tuesday): Business Today\u2019s <a href=\"https:\/\/ent.news\/2020\/1\/BT100_Announcement-converted.pdf\">bt100 awards ceremony<\/a>, Cairo.<\/p>\n<p>4-5 March (Wednesday-Thursday): <a href=\"https:\/\/ent.news\/2019\/10\/Press-Release-26th-Annual-Women-Economic-Forum-March-2020-Cairo-Egypt.pdf\">Women Economic Forum<\/a>, Cairo.<\/p>\n<p>5-8 March (Wednesday-Saturday): 25 Egyptian companies will participate in <a href=\"https:\/\/almalnews.com\/25-%d8%b4%d8%b1%d9%83%d8%a9-%d9%85%d8%b5%d8%b1%d9%8a%d8%a9-%d8%aa%d8%b4%d8%a7%d8%b1%d9%83-%d8%a8%d9%85%d9%86%d8%aa%d8%af%d9%89-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d9%81%d9%8a\/\">a forum on investment in startups<\/a> in Saudi\u2019s King Abdullah Economic City.<\/p>\n<p>6-8 March: Arab Banking Forum, for heads of risk management in Arab banks, organized by the Union of Arab Banks,with the Central Bank of Egypt and the Federation of Egyptian Banks.<\/p>\n<p>7 March (Saturday): International Conference for Investment organized by Suez Canal Economic Authority, Al Galala City, Egypt<\/p>\n<p>17-18 March (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>25-26 March (Wednesday-Thursday): <a href=\"http:\/\/www.megaprojectsconf.com\/\">Mega Projects Conference<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>26 March (Thursday): <a href=\"https:\/\/almalnews.com\/%d8%aa%d8%a3%d8%ac%d9%8a%d9%84-%d8%af%d8%b9%d9%88%d9%89-%d8%b4%d8%b1%d9%83%d8%a9-%d8%b3%d9%88%d8%b1%d9%8a%d8%a9-%d8%b6%d8%af-%d8%a8%d9%88%d8%b1%d8%aa%d9%88-%d8%ac%d8%b1%d9%88%d8%a8-%d8%a5%d9%84%d9%89\/\">Court session<\/a> for Amer Group, Porto Group lawsuit against Antaradous.<\/p>\n<p>9 April (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>12 April (Sunday): Easter Sunday.<\/p>\n<p>20 April (Monday): Sham El Nessim, national holiday.<\/p>\n<p>23 April (Thursday): First day of Ramadan (TBC).<\/p>\n<p>25 April (Saturday): Sinai Liberation Day, national holiday.<\/p>\n<p>28-29 April (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>5-7 May (Tuesday-Thursday): <a href=\"https:\/\/www.afsic.net\/\">AFSIC - Investing in Africa<\/a>, London, United Kingdom.<\/p>\n<p>14 May (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>23-26 May (Saturday-Tuesday): Eid El Fitr (TBC).<\/p>\n<p>4-6 June (Thursday-Saturday): <a href=\"https:\/\/sommetafriquefrance202a0.org\/en\/\">2020 Africa-France Summit<\/a>, Bordeaux, France.<\/p>\n<p>9-10 June (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>17-20 June (Wednesday-Saturday): <a href=\"https:\/\/www.automech-formula.com\/en\/home.html\">2019 Automech Formula car expo<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p>30 June (Sunday): June 2013 protests anniversary, national holiday.<\/p>\n<p>25 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>28-29 July (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>30 July-3 August (Thursday-Monday): Eid El Adha (TBC), national holiday.<\/p>\n<p>13 August (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>20 August (Wednesday-Thursday): Islamic New Year (TBC), national holiday.<\/p>\n<p>15-16 September (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>24 September- 2 October (Thursday-Friday): <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>, El Gouna, Egypt.<\/p>\n<p>6 October (Tuesday): Armed Forces Day, national holiday.<\/p>\n<p>29 October (Thursday): Prophet Mohamed\u2019s birthday (TBC), national holiday.<\/p>\n<p>November: Egypt <a href=\"http:\/\/gate.ahram.org.eg\/News\/2284801.aspx\">will host simultaneously<\/a> the International Capital Market Association\u2019s emerging market, and Africa and Middle East meetings.<\/p>\n<p>4-5 November (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>12 November (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>15-16 December (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>25 December (Friday): Western Christmas.<\/p>\n<p>1 January 2021 (Friday): New Year\u2019s Day, national holiday.<\/p>\n<p>7 January 2021 (Thursday): Coptic Christmas, national holiday.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":569276,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-569275","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"7db4c977-ab32-4842-b40c-27ca3420eb42","teaser":"","photo_url":"https:\/\/ent.news\/2020\/2\/251.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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