{"id":544831,"date":"2022-03-23T04:00:33","date_gmt":"2022-03-23T04:00:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/this-morning-egp-settles-in-at-egp-18-57-to-the-greenback-more-price-caps-are-coming\/"},"modified":"2022-03-23T04:00:33","modified_gmt":"2022-03-23T04:00:33","slug":"this-morning-egp-settles-in-at-egp-18-57-to-the-greenback-more-price-caps-are-coming","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/this-morning-egp-settles-in-at-egp-18-57-to-the-greenback-more-price-caps-are-coming\/","title":{"rendered":"THIS MORNING: EGP settles in at EGP 18.57 to the greenback + more price caps are coming"},"content":{"rendered":"

Good morning, friends, and welcome to another exceptionally heavy news day<\/strong>, so as we did earlier this week, let\u2019s jump straight in:<\/p>\n

The EGP eased another 1.6% against the greenback yesterday<\/strong>, settling at EGP 18.57. The currency has now slid 17.7% since the devaluation on Monday. Two senior bankers we spoke with yesterday suggested the rate may have overshot somewhat, as it did after the 2016 float, with one of them saying it was encouraging that some high-value customers have begun selling FX to the bank. Consensus among international analysts prior to the float on Monday was that the EGP was 15-16% overvalued.<\/p>\n

Savers are pouring money into the new 18% CDs launched by <\/strong>Banque Misr <\/strong>and the National Bank of Egypt <\/strong>in the wake of Monday\u2019s rate hike. More than EGP 50 bn has been invested in the certificates since their launch on Monday: EGP 37 bn with the NBE<\/a> and EGP 14 bn with Banque Misr<\/a>.<\/p>\n

If you care about housing or infrastructure, you\u2019ll definitely want to read this morning\u2019s <\/strong>Hardhat<\/strong> (below), which takes a deep dive into what our new FX reality, rising interest rates and spiraling global commodities prices mean for builders here in Egypt. Hardhat is presented with the generous support of our friends at Orascom Construction.<\/p>\n

PSA- It\u2019s cool outside again today<\/strong>, with a forecast high of 18\u00b0C in the capital city. Don\u2019t expect the mercury to move any higher tomorrow \u2014 and enjoy every last minute of it. Temps in Cairo are on track to rise to the high 30s by the end of next week and to 41\u00b0C on Saturday, 2 April (the first day of Ramdan), according to our favourite weather app.<\/p>\n

WHAT TO WATCH FOR TODAY-<\/strong><\/p>\n

Price cap here, price cap there\u2026<\/strong> The Supply Ministry is planning to announce in the coming days price caps for wheat milled by the private sector, Al Mal<\/a> quotes Minister Ali El Moselhy as saying. The announcement comes as private mills \u2014 which produce 72% extraction-grade flour used to make bread and other baked goods \u2014 face difficulties in importing wheat due to the supply crunch caused by the war in Ukraine. The price at which unsubsidized flour will be sold to private bakeries will be announced once the wheat price has been set, he said.<\/p>\n

The announcement comes after the government <\/strong>imposed price caps<\/a><\/strong> on unsubsidized baladi and fino bread <\/strong>in a move to tamp down on rising bread prices<\/a>.<\/p>\n

COMING UP-<\/strong><\/p>\n

Ghazl El Mahalla FC\u2019s IPO will kick off by the end of the month<\/strong>, Public Enterprise Minister Hisham Tawfik told Al Borsa<\/a>. Bookrunner Prime Holding plans to publish the Public Subscription Notice prospectus in the coming days, allowing the retail offering to take place before the end of next week, the newspaper reported.<\/p>\n

Refresher: <\/strong>Ghazl El Mahalla is selling a 67.5% stake to investors, and expects to raise EGP 135 mn. It has already attracted<\/a> EGP 37 mn from institutional investors during the private placement. The transaction will mark the first time a football club is taken public in the Arab world and could pave the way for more IPOs of this sort.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

There\u2019s no MPC meeting tomorrow:<\/strong> The Central Bank of Egypt has canceled (pdf)<\/a> Thursday\u2019s regularly scheduled Monetary Policy Committee meeting after enacting a surprise 100 bps rate hike at a special meeting early Monday morning.<\/p>\n

Do you need to dive deeper into e-invoicing?<\/strong> Lynx Strategic Business Advisors are hosting a webinar today to discuss the system. The Arabic-language gathering will take place 12:00-1:30pm with speakers from the Finance Ministry and the Tax Authority and a panel discussion including the CFOs of PepsiCo, Talabat and Unilever. You can register for the event here<\/a>.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

enterprise<\/p>\n

*** 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, and urban development, as well as social infrastructure such as health and education.<\/p>\n

In today\u2019s issue: <\/strong>Key raw materials used in infrastructure projects have seen substantial price hikes in the last few weeks, with expenses being further driven by energy prices, freight and shipping costs. And the CBE\u2019s decisions earlier this week to hike interest rates, and let the EGP slide against the USD, have added to the pressure for infrastructure players. We ask analysts how these developments could impact Egypt\u2019s infrastructure projects, with most anticipating that large \u2014 and in particular, small \u2014 contractors will see their margins squeezed. Some also believe they could affect project deliverability, though probably not for high-impact infrastructure projects in key sectors.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends, and welcome to another exceptionally heavy news day, so as we did earlier this week, let\u2019s jump straight in: The EGP eased another 1.6% against the greenback yesterday, settling at EGP 18.57. The currency has now slid 17.7% since the devaluation on Monday. Two senior bankers we spoke with yesterday suggested the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[779,317,72,80,78,74,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544831","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-ali-el-moselhy","tag-commodities","tag-enterpriseam","tag-ghazl-el-mahalla-fc","tag-ipo-watch","tag-what-were-tracking-today","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"d34f0a9b-ce4b-42ae-9365-e2caad7296d8","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[544829],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: EGP settles in at EGP 18.57 to the greenback + more price caps are coming - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/this-morning-egp-settles-in-at-egp-18-57-to-the-greenback-more-price-caps-are-coming\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: EGP settles in at EGP 18.57 to the greenback + more price caps are coming\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends, and welcome to another exceptionally heavy news day, so as we did earlier this week, let\u2019s jump straight in: The EGP eased another 1.6% against the greenback yesterday, settling at EGP 18.57. 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The EGP fell an additional\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/427.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600399,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/29\/why-did-the-egp-gain-against-the-greenback-yesterday\/","url_meta":{"origin":544831,"position":1},"title":"Why did the EGP gain against the greenback yesterday?","author":"enterpriseam admin","date":"29 January 2019","format":false,"excerpt":"Connecting the dots: The EGP keeps strengthening, yields keep falling: The EGP continued rising against the USD this week, strengthening to a selling price of 17.70 to the USD from around EGP 18.00 last Wednesday. Simultaneously, yields on Egyptian three- and nine-months T-bills fell at Sunday\u2019s auction to their lowest\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/18.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576862,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/this-morning-imf-gives-egypt-kudos-for-devaluation-as-egp-appears-to-bottom-out-against-the-greenback\/","url_meta":{"origin":544831,"position":2},"title":"THIS MORNING: IMF gives Egypt kudos for devaluation as EGP appears to bottom out against the greenback","author":"enterpriseam admin","date":"1 November 2022","format":false,"excerpt":"Good morning, friends, and welcome to the first day of November. We feel we ask this every year, but: Where the hell has 2022 gone? The Colonel was right: Time accelerates as you age.We\u2019re really looking forward to having breakfast this morning with 20 bold-name CEOs to discuss our focused,\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":552791,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/29\/this-evening-efg-corp-solutions-closes-egp-2-bn-securitized-bond-issuance-its-all-a-bit-of-a-mess-in-financial-markets-rip-coolio\/","url_meta":{"origin":544831,"position":3},"title":"THIS EVENING: EFG Corp-Solutions closes EGP 2 bn securitized bond issuance + \u201cIt\u2019s all a bit of a mess\u201d in financial markets + RIP Coolio","author":"enterpriseam admin","date":"29 September 2022","format":false,"excerpt":"It\u2019s finally the weekend, wonderful people \u2014 and nearly the end of the month, too. We hope you get to unplug before we jump into a new workweek with the start of a new month.THE BIG STORY TODAY EFG Hermes Corp-Solutions closed a EGP 2 bn securitized bond issuance backed\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":651730,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/20\/what-were-tracking-on-20-february-2017\/","url_meta":{"origin":544831,"position":4},"title":"What we\u2019re tracking on 20 February 2017","author":"enterpriseam admin","date":"20 February 2017","format":false,"excerpt":"We\u2019re below EGP 16 to the greenback: The EGP has strengthened to a three-month high with the central bank reporting that banks were buying greenbacks at an average rate of EGP 15.7576 per USD 1 yesterday. Bankers told Reuters the strengthening of the EGP owes in large part of a\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569016,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/11\/egp-surges-to-new-three-year-highs-against-the-greenback\/","url_meta":{"origin":544831,"position":5},"title":"EGP surges to new three-year highs against the greenback","author":"enterpriseam admin","date":"11 February 2020","format":false,"excerpt":"CURRENCY WATCH- EGP surges to new three-year highs against the greenback: The EGP rallied yesterday to its highest value against the USD since it was floated three years ago as part of the country\u2019s IMF-backed economic reform program, Reuters reports. The greenback was changing hands at EGP 15.67 yesterday. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/144.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544831"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544831\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544829"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544831"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544831"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}