{"id":549689,"date":"2022-09-27T04:00:01","date_gmt":"2022-09-27T04:00:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/this-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions\/"},"modified":"2022-09-27T04:00:01","modified_gmt":"2022-09-27T04:00:01","slug":"this-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/this-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions\/","title":{"rendered":"THIS MORNING: The EGP is a few pips away from hitting a record low; OECD slashes global growth forecasts + the UAE just eased covid restrictions"},"content":{"rendered":"<p><strong>Good morning, wonderful people, and happy hump day to you all. <\/strong>Global markets are feeling a bit choppy this morning, so we suggest you fasten your seatbelts as 3Q races to a close.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>EGP WATCH-<\/strong> The EGP fell close to record lows against the greenback yesterday, continuing a slide that has seen the currency lose more than 24% of its value against the USD since March. The currency dipped another two piasters against the USD yesterday, reaching 19.5584. This is marginally higher than the record low of 19.5605 set in December 2016 in the wake of the EGP float.<\/p>\n<p><strong>This is a story of a rampaging greenback rather than a tanking EGP:<\/strong> The Central Bank of Egypt has allowed the currency to fall gradually against the USD in recent weeks, weakening almost 2% since Hassan Abdalla was made governor in mid-August. Over the same period, <strong>the EGP has performed better against other major currencies<\/strong>, gaining 3.5% against the EUR and 4.8% against the JPY, suggesting that this is more a story of a strengthening USD than a weaker EGP.<\/p>\n<p><strong>In fact, since the March 2022 devaluation, the EGP has been on something of a tear against major global currencies<\/strong>, which are dipping against the greenback. The EGP is:<\/p>\n<ul>\n<li>Up 17% against the GBP;<\/li>\n<li>Up 8% against the EUR;<\/li>\n<li>Up more than 13% against the JPY.<\/li>\n<\/ul>\n<p><strong>We\u2019re not alone in this:<\/strong> Much of the world is coming under increasing pressure as tightening financial conditions in the US push the greenback ever higher. The USD Index (DXY) hit heights not seen since May 2002 yesterday as the currency continued a surge that has seen it gain around 5% in the past week alone. Its relentless rise is now putting increasing pressure on other major currencies, with analysts now warning of <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-25\/financial-crisis-redux-looms-in-asia-as-major-currencies-crack?sref=mmeFTDW1\">a potential currency crisis in Asia<\/a> triggered by the JPY and CNY; the GBP <a href=\"https:\/\/www.reuters.com\/markets\/europe\/sterling-plunges-all-time-low-scathing-appraisal-fiscal-plan-2022-09-26\/\">plunging to record lows<\/a> yesterday; and the EUR falling further below parity to new 20-year lows.<\/p>\n<p><strong>^^ We have more on the global selloff of everything that isn\u2019t a greenback<\/strong> in this morning\u2019s Planet Finance, below.<\/p>\n<hr class=\"grey-line\">\n<p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n<p><strong>WATCH THIS SPACE #1- The Madbouly government\u2019s economic conference doesn\u2019t seem <\/strong><strong>like it is taking place today. <\/strong>Senior government officials have said the gathering would take place as soon as this week, but have yet to publicly announce a date.<\/p>\n<p><strong>WATCH THIS SPACE #2- We\u2019re also on the lookout for news that the state has formed a <\/strong><strong>new council of economic advisors.<\/strong> Word on the street is that the council will see bold-name members of the business community provide meaningful advice to the Madbouly government as it and the central bank look to guide us through our current challenges.<\/p>\n<p><strong>MEANWHILE- Our friends at HSBC are hosting an energy transition webinar series today <\/strong><strong>through <\/strong><strong>Thursday<\/strong> (27-29 September). The series will look at the \u201clatest climate analysis in relation to the global energy market and transition to net zero\u201d in six different sessions covering energy security, what is required to ensure the success of COP27, financing and investment needs for the energy transition, and the scaling up of renewables in the region, among other topics. <a href=\"https:\/\/www.hsbcscheduling.com\/eventweb.php?pid=PDFjNDU8MGUxPzFsMTU&src=enterpriseam\">You can register for the series here<\/a>.<\/p>\n<p><strong>A Spanish business delegation will be in town today and Wednesday<\/strong> (27-28 September) for the Egypt-Spain Multilateral Partnership Forum, organized by the Spanish Institute for Export and Investment, according to <a href=\"https:\/\/ent.news\/2022\/9\/Press-Release-PRE-EVENTO-en-ingle%CC%81s.pdf\">a press release (pdf)<\/a>. The two-day conference will include seminars and panel discussions on trade and investment in transport, energy, and water with Egyptian ministers and representatives from government bodies, alongside officials from international financing institutions and Spanish Secretary of State for Trade Xiana M\u00e9ndez B\u00e9rtolo. The agenda for the conference is available <a href=\"https:\/\/ent.news\/2022\/9\/Program-Spain-Egypt-Multilateral-Partnership.pdf\">here (pdf)<\/a>.<\/p>\n<p><strong>Islamic fintech will take center stage at the Arab League HQ <\/strong>in Cairo today, as the <a href=\"https:\/\/www.arado.org\/\">Arab Administrative Development Organization<\/a>, the Egyptian Islamic Finance Association, and Abu Dhabi Islamic Bank hold a conference on fintech\u2019s role in developing the Islamic banking industry, according to a <a href=\"https:\/\/www.facebook.com\/arado.official\/posts\/1801585680187430?_rdc=2&_rdr\">statement<\/a>.<\/p>\n<p><strong>It\u2019s the final day of the <\/strong><strong><a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum<\/a><\/strong> at the Cairo Marriott Hotel.<\/p>\n<p><strong>PSA- Get into (almost) all museums for free today:<\/strong> The Tourism Ministry is celebrating World Tourism Day today by waiving entry fees to almost all museums. The National Museum of Egyptian Civilization and cultural museums aren\u2019t participating.<\/p>\n<hr class=\"grey-line\">\n<p><strong>SIGN OF THE TIMES #1- The UAE is bidding farewell to covid measures: <\/strong>The UAE is relaxing mandatory mask requirements in most public spaces and will now only require people to wear them in medical facilities, mosques and public transport, state news agency <a href=\"https:\/\/www.wam.ae\/en\/details\/1395303087064\">WAM<\/a> said yesterday. This comes following 2.5 years of mandatory mask requirements in almost all indoor public spaces.<\/p>\n<p><strong>Canada is also ditching the last of its covid measures for travelers<\/strong>, including vaccination mandates and the requirement to mask on planes and trains. There will be no more pre- or on-arrival testing and travelers will no longer have to use the ArriveCAN app, <a href=\"https:\/\/www.cbc.ca\/news\/politics\/arrivecan-border-covid-end-1.6595710\">CBC<\/a> and the <a href=\"https:\/\/www.theglobeandmail.com\/business\/article-ottawa-to-lift-remaining-covid-19-border-restrictions-oct-1\/\">Globe and Mail<\/a> report.<\/p>\n<p><strong>SIGN OF THE TIMES #2- Apple has begun manufacturing the iPhone14 in India<\/strong>, accelerating its timeline to gradually move production out of China as the company looks to eliminate geopolitical risks \u2014 including US sanctions and covid-19 lockdowns \u2014 from its production process, the company said in an emailed statement yesterday. The move is a shift from Apple\u2019s typical production cycle, which sees its production partners including Foxconn begin to produce the device in India several months after production begins in China. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-26\/apple-begins-making-iphone-14-in-india-three-weeks-after-launch?sref=mmeFTDW1\">Bloomberg<\/a> and <a href=\"https:\/\/www.cnbc.com\/2022\/09\/26\/apple-starts-manufacturing-the-iphone-14-in-india.html\">CNBC<\/a> have the story.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORIES ABROAD-<\/strong><\/p>\n<p><strong>It\u2019s a mixed picture in the global front pages this morning:<\/strong> The international business press are still digesting the madness in the markets yesterday (more on this in this morning\u2019s Planet Finance, below), the <a href=\"https:\/\/www.nytimes.com\/2022\/09\/26\/us\/politics\/white-house-student-loan-forgiveness.html\">New York Times<\/a> is leading with the Biden administration\u2019s plan to forgive student loans, while the <a href=\"https:\/\/apnews.com\/article\/storms-hurricanes-florida-cuba-evacuations-5ca1bc4f27ff637e94f0d6cfd906755e?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01\">Associated Press<\/a> has the latest on Hurricane Ian. The <a href=\"https:\/\/www.ft.com\/content\/ef425da7-0f94-484a-9f0c-40991be70ccc\">Financial Times<\/a>, meanwhile, notes that growth in China is about to fall behind the rest of Asia for the first time since 1990.<\/p>\n<p><strong>SOMEWHERE, BRUCE WILLIS IS SMILING- Nasa has slammed a small spacecraft into <\/strong><strong>an asteroid for the first time<\/strong> in what Canada\u2019s CBC is calling \u201c<a href=\"https:\/\/www.cbc.ca\/news\/science\/asteroid-spacecraft-nasa-dart-1.6596692\">an unprecedented dress rehearsal for the day a killer rock menaces Earth<\/a>.\u201d The test aimed to push the asteroid off course to see whether we could one day do the same if a space rock were about to do to us what one did to the dinosaurs. A mission control official later told reporters that \u201cas far as we can tell, our first planetary defense test was a success. I think Earthlings should sleep better.\u201d The story is getting ink everywhere from the <a href=\"https:\/\/apnews.com\/article\/nasa-dart-asteroid-updates-b6cfccd90a0450c3cce6048af61a1c01\">Associated Press<\/a> to <a href=\"https:\/\/apnews.com\/article\/nasa-dart-asteroid-updates-b6cfccd90a0450c3cce6048af61a1c01\">CNN<\/a>, the <a href=\"https:\/\/www.bbc.com\/news\/science-environment-63039191\">BBC<\/a> and the <a href=\"https:\/\/www.nytimes.com\/live\/2022\/09\/26\/science\/nasa-dart-asteroid-mission\">New York Times<\/a>.<\/p>\n<p><strong>A LOT CLOSER TO HOME- The government of Kuwait is shaking up the bureaucracy <\/strong><strong>ahead of Thursday\u2019s parliamentary elections<\/strong>, which some pundits \u2014 including <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-25\/officials-quit-kuwait-s-137-billion-pension-fund-they-revamped?cmpid=BBD092622_MIDEAST&utm_medium=email&utm_source=newsletter&utm_term=220926&utm_campaign=middleeast&sref=mmeFTDW1\">Bloomberg<\/a> \u2014 are suggesting could be the country\u2019s \u201cmost democratic ever.\u201d<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>OECD slashes global growth outlook for 2023: <\/strong>The global economy is in for an \u201cextended period of subdued growth\u201d as the fallout from the war in Ukraine threatens to tip the world\u2019s major economies into recession, the Organisation for Economic Cooperation and Development (OECD) said yesterday. In its latest <a href=\"https:\/\/www.oecd-ilibrary.org\/sites\/ae8c39ec-en\/index.html?itemId=\/content\/publication\/ae8c39ec-en\">economic outlook<\/a>, the organization cut its 2023 global growth outlook to 2.2% from its 2.8% forecast in June and warned that the global economy would suffer USD 2.8 tn in losses on the back of the war.<\/p>\n<p><strong>The outlook for Europe is particularly gloomy<\/strong>, with economic growth in the eurozone expected to slow to 0.3% in 2023, down from its earlier projection of 1.6% growth (indicating a strong possibility of the continent falling into recession) for at least part of the year.<\/p>\n<p><strong>Germany might be the first domino to fall:<\/strong> A gauge of business sentiment in Germany out yesterday suggested that the economy is heading into recession. The Munich-based Ifo Institute\u2019s latest <a href=\"https:\/\/ent.news\/2022\/9\/ku-2022-09-pm-geschaeftsklima-EN.pdf\">business climate index (pdf)<\/a> saw business sentiment plunge in September ahead of the looming energy crunch this winter. The OECD also sees Germany\u2019s economy contracting 0.7% next year, down from a <a href=\"https:\/\/www.oecd.org\/newsroom\/oecd-economic-outlook-reveals-heavy-global-price-of-russia-s-war-against-ukraine.htm#:~:text=The%20OECD's%2520latest%2520Economic%2520Outlook,previous%2520Economic%2520Outlook%2520last%2520December.\">June estimate<\/a> for 1.7% growth.<\/p>\n<p><strong>MEANWHILE- Droughts in the US, Europe, and South America leading to <\/strong><strong>smaller-than-expected harvests are tightening grain supplies worldwide<\/strong>, <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/droughts-ukraine-war-push-global-grain-stocks-toward-worrying-decade-low-2022-09-26\/\">Reuters<\/a> reports, citing data from the International Grains Council. The resumption of shipments from Ukraine through a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1933af3-aebe-45a8-88cc-f95f09cc11fd\">UN-brokered agreement with Russia<\/a> is providing some measure of relief, but the country\u2019s corn harvest is expected to yield 56-68% less than 2021 levels. Several countries, particularly in Europe and South America, suffered serious heatwaves and droughts earlier this summer.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.events.fintechrobos.com\/\">Arab Pensions and Social Ins. Conference<\/a><\/strong><strong> kicks off tomorrow <\/strong>in Sharm El Sheikh, bringing together pension and investment leaders to exchange expertise and experiences on reforming and developing pension systems in the Arab region, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0cGkB8rQtXb3cFhoekF6YG25bENEzregYAituAyqDVRmmG2Zk1p1VdqoGRaGrfXBwl\">cabinet statement.<\/a> Finance Minister Mohamed Maait will be attending the two-day gathering.<\/p>\n<p><strong>The UN World Food Program and the International Cooperation Ministry are hosting a <\/strong><strong>two-day conference on food security <\/strong>at the St. Regis Cairo Hotel on Wednesday and Thursday, according to a <a href=\"https:\/\/ent.news\/2022\/9\/United-Nations-World-Food-Program-and-the-Ministry-of-International-Cooperation-confrence.pdf\">press release (pdf)<\/a>. The conference will mainly focus on the digitization of the agricultural sector, financial inclusion and social protection.<\/p>\n<p><strong>Women entrepreneurs: Are you looking for funding? <\/strong>The <a href=\"https:\/\/invest-for-jobs.com\/\">Facility<\/a><a href=\"https:\/\/invest-for-jobs.com\/\">Investing for Employment<\/a> is looking to write co-financing tickets in the EUR 1-10 mn range for new projects at businesses that \u201ccontribute to sustainable job creation.\u201d Its focus is on women entrepreneurs and women-led businesses, according to a <a href=\"https:\/\/ent.news\/2022\/9\/Press-Release-Pre-Announcement-WiB.pdf\">press release (pdf)<\/a>. Entrants can apply starting 14 November.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">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<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n<p><strong>In today\u2019s issu<\/strong><strong>e:<\/strong> We take a look at how industrial players and resort towns are turning to solar energy amid a challenging economic climate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, wonderful people, and happy hump day to you all. Global markets are feeling a bit choppy this morning, so we suggest you fasten your seatbelts as 3Q races to a close. EGP WATCH- The EGP fell close to record lows against the greenback yesterday, continuing a slide that has seen the currency lose [&hellip;]<\/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":[184,107,380,104,1419,72,565,481,490,1701,90,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549689","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-apple","tag-covid-19","tag-currencies","tag-economy","tag-egp","tag-enterpriseam","tag-food-security","tag-germany","tag-hsbc","tag-oecd","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"62552dea-c67b-4684-96a1-152f98fcca00","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[549687],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS MORNING: The EGP is a few pips away from hitting a record low; OECD slashes global growth forecasts + the UAE just eased covid restrictions - 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\/09\/27\/this-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: The EGP is a few pips away from hitting a record low; OECD slashes global growth forecasts + the UAE just eased covid restrictions\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people, and happy hump day to you all. Global markets are feeling a bit choppy this morning, so we suggest you fasten your seatbelts as 3Q races to a close. EGP WATCH- The EGP fell close to record lows against the greenback yesterday, continuing a slide that has seen the currency lose [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/this-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-27T04:00:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png\" \/>\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=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/this-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/this-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS MORNING: The EGP is a few pips away from hitting a record low; 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The EGP fell an additional\u2026","rel":"","context":"In &quot;Economy&quot;","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":571634,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/19\/egp-eases-to-three-month-lows-against-the-greenback\/","url_meta":{"origin":549689,"position":1},"title":"EGP eases to three-month lows against the greenback","author":"enterpriseam admin","date":"19 May 2020","format":false,"excerpt":"EGP WATCH- EGP eases to three-month lows against the greenback: The EGP dipped yesterday to its lowest level against the USD since early February, according to Refinitiv data picked up by Reuters. The currency fell to intraday lows of 15.83 from 15.72 at the start of the session. Central bank\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":569016,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/11\/egp-surges-to-new-three-year-highs-against-the-greenback\/","url_meta":{"origin":549689,"position":2},"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 &quot;Speed Round&quot;","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":[]},{"id":549869,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/04\/this-morning-its-like-imf-talks-are-buffering-at-99-9-complete\/","url_meta":{"origin":549689,"position":3},"title":"THIS MORNING: It\u2019s like IMF talks are buffering at 99.9% complete","author":"enterpriseam admin","date":"4 October 2022","format":false,"excerpt":"Good morning folks, and welcome to hump day. The upcoming 6 October holiday technically means we\u2019re already over the hump and sliding into the last long weekend of the year. 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The EGP eased 2.2% last week and is down 3.5% from the 15.70 at which it had held steady throughout\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":578745,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/","url_meta":{"origin":549689,"position":5},"title":"EGP breaks the 30 barrier against the USD before settling at 29.76","author":"enterpriseam admin","date":"12 January 2023","format":false,"excerpt":"The EGP tumbled to a new all-time low against the greenback yesterday as authorities continued to transition to a fully flexible exchange rate as agreed with the IMF. 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