{"id":548899,"date":"2022-08-25T04:00:15","date_gmt":"2022-08-25T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/reserves-in-emerging-markets-are-falling-at-the-quickest-rate-since-2008\/"},"modified":"2022-08-25T04:00:15","modified_gmt":"2022-08-25T04:00:15","slug":"reserves-in-emerging-markets-are-falling-at-the-quickest-rate-since-2008","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/reserves-in-emerging-markets-are-falling-at-the-quickest-rate-since-2008\/","title":{"rendered":"Reserves in emerging markets are falling at the quickest rate since 2008"},"content":{"rendered":"

<\/a> More warnings of a wave of EM debt defaults: <\/strong>Developing and emerging nations\u2019 foreign reserves dropped USD 379 bn in the first half of this year, according to IMF data picked up by the Wall Street Journal<\/a> \u2014 more than at any time since the 2008 financial crisis. Rising commodities prices on the back of war in Ukraine, aggressive rate hikes by the US Federal Reserve, and global inflationary pressures are making it increasingly difficult for developing countries to sustain spending on key imports like food and fuel and service their foreign debt. Sri Lankan USD reserves have almost run dry after the countries in May defaulted on its bonds<\/a> for the first time in its history \u2014 and countries including Pakistan, Turkey, and Ghana could face similar crises, the WSJ says.<\/p>\n

FX reserves will be a key challenge for the CBE: <\/strong>Egypt\u2019s foreign reserves havedeclined by almost 20%<\/a> since March, slipping to USD 33.14 bn in July, as the fallout from the war in Ukraine and rising interest rates force the central bank to intervene to cover portfolio outflows, finance imports and meet debt repayments. Bringing hard currency back into the country will be a priority for new acting Central Bank of Egypt (CBE) governor Hassan Abdalla<\/a>, with speculation growing that the EGP may need to be allowed to depreciate further<\/a> against the USD to dodge a balance of payments crisis.<\/p>\n

\n

All those celebrating falling food and energy prices might want to put the cork <\/strong>back in the champagne bottle<\/strong>, according to Invesco, which is predicting commodities to give us a \u201crude awakening\u201d and rise again in the fall. Fears of recession and an easing of supply problems have seen global food and energy prices fall back from record highs in recent weeks, and the market expects the trend to continue.<\/p>\n

Not so fast:<\/strong> Not only will the US Strategic Petroleum Reserve\u2019s releases \u2014 which have played a major role in calming markets over the past few months \u2014 end in October, but the Russia-Ukraine war will threaten Ukraine\u2019s winter harvest, droughts are expected to squeeze crops in the US, and a historic energy crisis in Europe will further disrupt other markets, Jason Bloom, head of fixed income and alternatives product strategy at Invesco, tells Bloomberg<\/a>.<\/p>\n

Add an unexpected cut to oil production to that list:<\/strong> It\u2019s looking more likely that OPEC+ could cut production soon, with at least six more cartel members backing comments<\/a> made by the Saudi energy minister this week who said that producers could soon reduce supply to address \u201cextreme\u201d price volatility in the markets, Bloomberg<\/a> reports. Iraq, Algeria, Kuwait, Equatorial Guinea and Venezuela have all expressed support to Saudi Arabia\u2019s stance on the \u201cdisconnect\u201d between physical and paper barrels.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,105<\/p>\n<\/td>\n

\n

-0.3% (YTD: -15.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 19.12<\/p>\n<\/td>\n

\n

Sell 19.23<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

U<\/strong>SD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 19.15<\/p>\n<\/td>\n

\n

Sell 19.21<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

11.25% deposit<\/p>\n<\/td>\n

\n

12.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,444<\/p>\n<\/td>\n

\n

+0.2% (YTD: +10.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

10,002<\/p>\n<\/td>\n

\n

-0.2% (YTD: +17.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,422<\/p>\n<\/td>\n

\n

+0.9% (YTD: +7.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,141<\/p>\n<\/td>\n

\n

+0.3% (YTD: -13.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,472<\/p>\n<\/td>\n

\n

-0.2% (YTD: +1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,667<\/p>\n<\/td>\n

\n

+0.4% (YTD: -14.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 101.73<\/p>\n<\/td>\n

\n

+1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 9.33<\/p>\n<\/td>\n

\n

+1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,761.50<\/p>\n<\/td>\n

\n

0.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 21,635<\/p>\n<\/td>\n

\n

+0.6% (YTD: -53.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 1.32 bn (37.6% above the 90-day average). Foreign investors were net sellers. The index is down 15.4% YTD.<\/p>\n

In the green: <\/strong>Rameda (+2.9%), Housing & Development Bank (+1.8%) and Alexandria Containers (+1.5%).<\/p>\n

In the red: <\/strong>Palm Hills Development (-2.1%), Heliopolis Housing (-2.0%) and Sidi Kerir Petchem (-1.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"

More warnings of a wave of EM debt defaults: Developing and emerging nations\u2019 foreign reserves dropped USD 379 bn in the first half of this year, according to IMF data picked up by the Wall Street Journal \u2014 more than at any time since the 2008 financial crisis. Rising commodities prices on the back of […]<\/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":[7210],"tags":[317,344,380,115,72,119,655,182,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548899","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-commodities","tag-cryptocurrency","tag-currencies","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-foreign-reserves","tag-inflation","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"f2051ba8-cb32-44aa-bc7c-820893ef4370","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548874],"teaser":"","voice_url":""},"yoast_head":"\nReserves in emerging markets are falling at the quickest rate since 2008 - 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\/08\/25\/reserves-in-emerging-markets-are-falling-at-the-quickest-rate-since-2008\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reserves in emerging markets are falling at the quickest rate since 2008\" \/>\n<meta property=\"og:description\" content=\"More warnings of a wave of EM debt defaults: Developing and emerging nations\u2019 foreign reserves dropped USD 379 bn in the first half of this year, according to IMF data picked up by the Wall Street Journal \u2014 more than at any time since the 2008 financial crisis. 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Reserves slipped by another USD 3.1 bn during the month to USD 37 bn, having fallen from a peak of USD\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\/5\/90.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548787,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/debt-distressed-emerging-markets-arent-going-to-be-issuing-a-lot-of-bonds-next-month\/","url_meta":{"origin":548899,"position":1},"title":"Debt-distressed emerging markets aren\u2019t going to be issuing a lot of bonds next month","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"It\u2019s going to be a quieter September than normal for debt-distressed EMs: Analysts expect junk-rated emerging markets to continue to shy away from international bond markets as they struggle with high borrowing costs and dwindling FX reserves, Bloomberg reports. Morgan Stanley, Goldman Sachs and JPMorgan all have low expectations for\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575951,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/04\/egypt-adds-usd-800-mn-to-foreign-reserves-in-october\/","url_meta":{"origin":548899,"position":2},"title":"Egypt adds USD 800 mn to foreign reserves in October","author":"enterpriseam admin","date":"4 November 2020","format":false,"excerpt":"Egypt adds USD 800 mn to foreign reserves in October: Egypt\u2019s foreign reserves grew for the fifth consecutive month in October, climbing to USD 39.22 bn from USD 38.43 bn in September, according to central bank figures released yesterday. Reserves fell by some USD 10 bn between March and May\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570495,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/","url_meta":{"origin":548899,"position":3},"title":"Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis","author":"enterpriseam admin","date":"2 April 2020","format":false,"excerpt":"Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis: Eighty-five countries have recently approached the IMF for emergency assistance, driven by record capital outflows, plummeting oil prices, a dearth of tourism, and reduced demand for exports, the Financial Times reports. Developing countries are facing a\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/16.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571253,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/05\/emerging-markets-which-are-most-at-risk\/","url_meta":{"origin":548899,"position":4},"title":"Emerging markets: Which are most at risk?","author":"enterpriseam admin","date":"5 May 2020","format":false,"excerpt":"Emerging markets: Which are most at risk? As the emerging world begins to stabilize after weeks of turbulence, this Economist graphic measures the financial stability of 66 emerging-market economies using four metrics: public and foreign debt levels, borrowing costs and foreign reserves. Botswana \u2014 with its sizable stockpile of foreign\u2026","rel":"","context":"In "Image of the Day"","block_context":{"text":"Image of the Day","link":"https:\/\/enterpriseam.com\/egypt\/category\/image-of-the-day\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/35.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570425,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/are-emerging-markets-about-to-impose-capital-controls\/","url_meta":{"origin":548899,"position":5},"title":"Are emerging markets about to impose capital controls?","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"Are emerging markets about the slap on capital controls? Emerging market economies are witnessing a collapse in external financing, with indications that outflows from EM bond and equity funds of the last three weeks exceeded 4% of net asset value. Normal protocol would see EM policymakers respond by selling reserves\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/355.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\/548899","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=548899"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548899\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548874"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548899"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548899"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}