{"id":549773,"date":"2022-09-29T04:00:42","date_gmt":"2022-09-29T04:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/29\/egp-closes-at-record-low-against-the-greenback\/"},"modified":"2022-09-29T04:00:42","modified_gmt":"2022-09-29T04:00:42","slug":"egp-closes-at-record-low-against-the-greenback","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/29\/egp-closes-at-record-low-against-the-greenback\/","title":{"rendered":"EGP closes at record low against the greenback"},"content":{"rendered":"

<\/a> EGP WATCH- The EGP is officially the cheapest it\u2019s ever been (against the <\/strong>USD, anyway): <\/strong>The EGP closed at a record low against the greenback yesterday, breaking past the December 2016 low seen in the wake of what was (at the time) an historic float. The EGP fell an additional two piasters yesterday to 19.5784 against the USD, breaching the record low 19.5605 low set five years ago. The EGP has lost 24.1% of its value against the USD since the devaluation in March.<\/p>\n

It\u2019s the story of a weak EGP \u2014 and a strong USD. <\/strong>While the EGP has slid against the greenback, it has appreciated 17% against the GBP, 13% against the JPY and 8% against the EUR since March as currencies around the world lost ground to the USD.<\/p>\n

It was just a matter of time:<\/strong> Under the leadership of Hassan Abdalla, the central bank has been allowing the EGP to drop steadily against the greenback: The currency has eased almost 2% since 18 August, when he replaced Tarek Amer as governor.<\/p>\n

Enterprise readers see the EGP dropping to 22.12. <\/strong>That\u2019s the average figure the Enterprise Fall 2022 Reader Survey<\/a> says we\u2019re using to put together our 2023 budgets. 22% of respondents to our reader poll say they\u2019re budgeting with the EGP in the 22-23 band and the same number of participants say they figure the greenback will be changing hands at EGP 23-24 next year. A recent Goldman Sachs report says folks they spoke with in Cairo see the EGP in the 22-24 band, while BNP Paribas forecast before last week\u2019s CBE policy meeting that the currency would fall to 22-23 by the end of the year. Forward markets have priced in<\/a> similar declines.<\/p>\n

Do we continue a gradual decline or will securing an IMF loan require a dose of shock therapy?<\/strong> That\u2019s the mn-USD question right now. With talks on a facility now widely believed to be in the final stages, we hope not to have to wait too long to find out.<\/p>\n","protected":false},"excerpt":{"rendered":"

EGP WATCH- The EGP is officially the cheapest it\u2019s ever been (against the USD, anyway): The EGP closed at a record low against the greenback yesterday, breaking past the December 2016 low seen in the wake of what was (at the time) an historic float. The EGP fell an additional two piasters yesterday to 19.5784 […]<\/p>\n","protected":false},"author":1,"featured_media":549774,"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":[380,104,1419,72,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-currencies","tag-economy","tag-egp","tag-enterpriseam","tag-imf","wpautop","entry"],"acf":{"mongo_id":"d3c44150-1713-434a-aa89-bba2fe24273b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/427.jpg","photo_position":"above","related_issue":[549769],"teaser":"","voice_url":""},"yoast_head":"\nEGP closes at record low against the greenback - 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\/29\/egp-closes-at-record-low-against-the-greenback\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGP closes at record low against the greenback\" \/>\n<meta property=\"og:description\" content=\"EGP WATCH- The EGP is officially the cheapest it\u2019s ever been (against the USD, anyway): The EGP closed at a record low against the greenback yesterday, breaking past the December 2016 low seen in the wake of what was (at the time) an historic float. 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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":[]},{"id":571634,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/19\/egp-eases-to-three-month-lows-against-the-greenback\/","url_meta":{"origin":549773,"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 "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":571915,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/04\/egp-dips-to-16-03-against-the-greenback\/","url_meta":{"origin":549773,"position":2},"title":"EGP dips to 16.03 against the greenback","author":"enterpriseam admin","date":"4 June 2020","format":false,"excerpt":"EGP WATCH- USD continues to rally: The EGP lost 11 piasters against the greenback yesterday to reach EGP 16.03 against the greenback, from 15.92 on Tuesday (pdf), according to data from the Central Bank of Egypt.","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":571951,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/07\/egp-weakens-to-seven-month-low-against-the-greenback\/","url_meta":{"origin":549773,"position":3},"title":"EGP weakens to seven-month low against the greenback","author":"enterpriseam admin","date":"7 June 2020","format":false,"excerpt":"EGP WATCH- EGP back where it was seven months ago against the greenback: The EGP is back to where it stood in December at 16.25 to the greenback, says Reuters. 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 "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":663518,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/10\/the-egp-dipped-slightly-against-the-usd-yesterday-will-late-night-trump-tariff-relief-bring-foreign-investors-back\/","url_meta":{"origin":549773,"position":4},"title":"The EGP dipped slightly against the USD yesterday. Will late-night Trump tariff relief bring foreign investors back?","author":"enterpriseam admin","date":"10 April 2025","format":false,"excerpt":"The EGP touched to a new post-float low","rel":"","context":"In "EGP Watch"","block_context":{"text":"EGP Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/egp-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/416.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578990,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/22\/higher-yields-a-weaker-egp-have-foreign-investors-looking-at-egypt\/","url_meta":{"origin":549773,"position":5},"title":"Higher yields + a weaker EGP have foreign investors looking at Egypt","author":"enterpriseam admin","date":"22 January 2023","format":false,"excerpt":"Higher yields + weaker EGP could bring foreign investors back to the market: Foreign investors who sold out of Egypt last year are once again looking at Egypt\u2019s debt market on the back of a cheaper EGP and record yield, Bloomberg writes. 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