{"id":549026,"date":"2022-08-31T04:00:58","date_gmt":"2022-08-31T04:00:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/everyones-talking-about-the-egp\/"},"modified":"2022-08-31T04:00:58","modified_gmt":"2022-08-31T04:00:58","slug":"everyones-talking-about-the-egp","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/everyones-talking-about-the-egp\/","title":{"rendered":"Everyone\u2019s talking about the EGP"},"content":{"rendered":"

<\/a> EGP WATCH- Credit Suisse + Arqaam are the latest to comment on the fat<\/strong>e of <\/strong>the EGP:<\/strong> FX flexibility is \u201cdefinitely going to come\u201d if Egypt is to solve its external imbalances, Zeina Rizk, executive director of fixed income asset management for Arqaam Capital, told Bloomberg TV yesterday (watch, runtime 5:09<\/a>). The government will also likely face \u201cmore pressure on pressing forward with structural reform \u2026 improved governance,\u201d she added, as Egyptian officials continue talks<\/a> with the IMF for a fresh facility to help shore up the economy.<\/p>\n

Credit Suisse\u2019s head of MENA research, Fahd Iqbal, also stressed the importance of FX flexibility <\/strong>as a \u201csustainable\u201d strategy for the currency in an interview with Bloomberg Asharq (watch, runtime: 3:40<\/a>). \u201cWe expect the IMF to provide a comprehensive program that posits significant reforms and provides significant support,\u201d Iqbal said, adding that one of the issues on which it could provide clarity is the currency. \u201cThe delay in talks with the IMF is a good sign that shows the fund is committed to and serious about supporting Egypt,\u201d he added.<\/p>\n

Everyone wants to talk about Egypt:<\/strong> Iqbal and Rizk are the latest in a chorus of analysts to appear on Bloomberg to voice their thoughts on Egypt over the past two weeks as the business newswire frames the country<\/a> as \u201cthe symbol of the distress gripping poorer nations.\u201d Bloomberg has also published a series of articles suggesting that Egypt is inching towards default \u2014 though there is by no means a consensus<\/a> among experts about how dangerous this moment could prove.<\/p>\n

Positivity from the minister, but no mention of the currency:<\/strong> This comes following Finance Minister Mohamed Maait\u2019s Monday media blitz<\/a> which he used to try and steer the conversation on the economy in a more positive direction. The minister shared optimistic fiscal forecasts for the coming year and announced budget and debt targets agreed with the IMF<\/a>.<\/p>\n

The consensus:<\/strong> Following the shock resignation of Tarek Amer<\/a> as central bank governor, the consensus among everyone and their mothers is that the EGP is destined to fall against the greenback in the coming weeks and months. The question now is whether the central bank\u2019s new governor, Hassan Abdalla<\/a>, will proceed with a gradual float or go the \u201cshock therapy\u201d route with a sudden devaluation.<\/p>\n

Movements this week might be answering that question:<\/strong> The EGP weakened against the greenback again yesterday, slipping another 0.1% to 19.28. After remaining flat for most of the month, the currency has now fallen 0.4% since 21 August when Abdalla was appointed, and is down 22.2% since the devaluation in March.<\/p>\n","protected":false},"excerpt":{"rendered":"

EGP WATCH- Credit Suisse + Arqaam are the latest to comment on the fate of the EGP: FX flexibility is \u201cdefinitely going to come\u201d if Egypt is to solve its external imbalances, Zeina Rizk, executive director of fixed income asset management for Arqaam Capital, told Bloomberg TV yesterday (watch, runtime 5:09). The government will also […]<\/p>\n","protected":false},"author":1,"featured_media":549027,"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":[7206],"tags":[1258,271,9115,104,1419,72,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549026","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-arqaam-capital","tag-central-bank-of-egypt","tag-credit-suisse","tag-economy","tag-egp","tag-enterpriseam","tag-imf","wpautop","entry"],"acf":{"mongo_id":"a004dd3d-5d6b-4374-930c-b695e6cd8fe2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/445.jpg","photo_position":"above","related_issue":[549021],"teaser":"","voice_url":""},"yoast_head":"\nEveryone\u2019s talking about the EGP - 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\/31\/everyones-talking-about-the-egp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everyone\u2019s talking about the EGP\" \/>\n<meta property=\"og:description\" content=\"EGP WATCH- Credit Suisse + Arqaam are the latest to comment on the fate of the EGP: FX flexibility is \u201cdefinitely going to come\u201d if Egypt is to solve its external imbalances, Zeina Rizk, executive director of fixed income asset management for Arqaam Capital, told Bloomberg TV yesterday (watch, runtime 5:09). The government will also […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/everyones-talking-about-the-egp\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-31T04:00:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/445.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/everyones-talking-about-the-egp\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/everyones-talking-about-the-egp\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Everyone\u2019s talking about the EGP\",\"datePublished\":\"2022-08-31T04:00:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/everyones-talking-about-the-egp\/\"},\"wordCount\":432,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/everyones-talking-about-the-egp\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/445.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Arqaam Capital\",\"Central Bank of Egypt\",\"Credit Suisse\",\"economy\",\"EGP\",\"EnterpriseAM\",\"IMF\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/everyones-talking-about-the-egp\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/everyones-talking-about-the-egp\/\",\"name\":\"Everyone\u2019s talking about the EGP - 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Some USD 49 bn of trade-financing transactions were cleared between the EGP float\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":648065,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/28\/oversubscribed-eurobond-issuance-shows-confidence-in-egypt-el-garhy-credit-suisse-questions-free-float\/","url_meta":{"origin":549026,"position":3},"title":"Oversubscribed eurobond issuance shows confidence in Egypt -El Garhy, Credit Suisse questions free float","author":"enterpriseam admin","date":"28 May 2017","format":false,"excerpt":"No more tax increase, El Garhy says: The economic reform program is driving the confidence that debt markets are showing in Egypt, Finance Minister Amr El Garhy tells Bloomberg TV. \u201cWe\u2019re putting together a program to take the ailing condition we were into a more positive direction in the coming\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\/2017\/5\/643.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621447,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/08\/how-much-longer-can-the-banking-system-support-fx-outflows-without-the-central-bank-releasing-some-reserves\/","url_meta":{"origin":549026,"position":4},"title":"How much longer can the banking system support FX outflows without the central bank releasing some reserves?","author":"enterpriseam admin","date":"8 November 2018","format":false,"excerpt":"How much longer can the banking system support FX outflows without the central bank releasing some reserves? We all know that FX has been leaving Egypt has hot money has pulled out of Egypt as the EM Zombie Apocalypse has unfolded. 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