{"id":566346,"date":"2021-06-14T13:44:51","date_gmt":"2021-06-14T13:44:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/14\/will-our-balancing-act-on-inflation-endear-us-to-foreign-investors\/"},"modified":"2021-06-14T13:44:51","modified_gmt":"2021-06-14T13:44:51","slug":"will-our-balancing-act-on-inflation-endear-us-to-foreign-investors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/14\/will-our-balancing-act-on-inflation-endear-us-to-foreign-investors\/","title":{"rendered":"Will our balancing act on inflation endear us to foreign investors?"},"content":{"rendered":"

<\/a> Emerging markets that are talking tough on inflation will be rewarded by foreign <\/strong>investors<\/strong>, who have one eye on the potential dangers ahead as price pressures grow, analysts tell Bloomberg<\/a>. Central bankers in developing countries are having to perform a delicate balancing act between supporting their economies \u2014 many of which are still facing covid-19 outbreaks \u2014 and keeping a lid on inflation, which threatens to become a problem thanks to a strong economic rebound and huge stimulus in advanced economies. \u201cInvestors will ultimately favor those countries in which central banks are able to get ahead of inflation,\u201d said an analyst at TS Lombard. \u201cIt\u2019s essential that central banks react proactively.\u201d<\/p>\n

Exhibit A: Brazil.<\/strong> Brazil\u2019s central bank chief Roberto Campos Neto has made how he feels about inflation explicit, communicating in no uncertain terms that he will do whatever it takes to fight off inflation, which rose to its highest rate in almost a quarter of a century<\/a> in May. This has been backed up by actions: the Brazilian central bank has twice hiked rates<\/a> aggressively since inflation began to tick upwards, with another increase expected later this week as prices continue to surge. Since the first hike, the Brazilian real has gained an EM-leading 9.2% and its bonds have returned 10%.<\/p>\n

Exhibit B: Russia.<\/strong> Russia\u2019s central bank has taken a similarly tough approach to inflation, raising rates three times<\/a>, with another hike expected at their next meeting in July. This will help to support the ruble, which in turn could help the central bank contain inflation, said a fund manager at PineBridge Investments.<\/p>\n

On the flipside, countries that are being lax on inflation aren\u2019t in investors\u2019 good books.<\/strong> Poland and Hungary are two examples of lower-yielding countries that have been happier to let prices rise. \u201cWe are cautious in the lower-yielding markets with high correlation to core rates and where risks of inflation becoming \u2018un-anchored\u2019 are most concerning,\u201d said a bond analyst at Pictet Asset Management.<\/p>\n

Fortunately, the Central Bank of Egypt isn\u2019t facing the same dilemma<\/strong>, given the global inflationary trend is yet to make its mark in Egypt. Even after a slight increase in May<\/a>, the annual urban rate is still beneath the lower bound of the central bank\u2019s target range. Furthermore, inflation slowed down m-o-m, with urban prices rising 0.7% during the month, compared to an increase of 0.9% during April. This trend isn\u2019t expected to change drastically, with analysts forecasting<\/a> a pick up in price growth over the summer, but nothing that will overshoot the CBE\u2019s 7% (+\/- 2%) target range.<\/p>\n

...But has to still balance inflation targets with our all-important carry trade: <\/strong>The CBE is trying to find a balance between maintaining its attractive real rates and stimulating the economy \u2014 a line that may become finer as inflation pushes other EM countries to raise rates and become more competitive with the EGP carry trade, an important source of foreign inflows.<\/p>\n

Need a refresher on the carry trade?<\/strong> We\u2019ve got you covered right here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emerging markets that are talking tough on inflation will be rewarded by foreign investors, who have one eye on the potential dangers ahead as price pressures grow, analysts tell Bloomberg. Central bankers in developing countries are having to perform a delicate balancing act between supporting their economies \u2014 many of which are still facing covid-19 […]<\/p>\n","protected":false},"author":1,"featured_media":566347,"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":[10077],"tags":[271,107,115,633,182,349,4174],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-macro","tag-central-bank-of-egypt","tag-covid-19","tag-emerging-markets","tag-enterprisepm","tag-inflation","tag-interest-rates","tag-speed-round-macro","wpautop","entry"],"acf":{"mongo_id":"099753bc-3ab6-4268-bf3a-2db60db172b0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/479.jpg","photo_position":"above","related_issue":[566342],"teaser":"","voice_url":""},"yoast_head":"\nWill our balancing act on inflation endear us to foreign investors? - 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\/2021\/06\/14\/will-our-balancing-act-on-inflation-endear-us-to-foreign-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will our balancing act on inflation endear us to foreign investors?\" \/>\n<meta property=\"og:description\" content=\"Emerging markets that are talking tough on inflation will be rewarded by foreign investors, who have one eye on the potential dangers ahead as price pressures grow, analysts tell Bloomberg. 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Emerging market central banks are indirectly intervening in currency markets to contain inflation, General Manager of the Bank for International Settlements (BIS) Agust\u00edn Carstens said in a speech earlier this month at the London School of Economics.\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\/2019\/4\/EGP-USD-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578206,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/19\/expect-central-banks-to-stay-hawkish-deep-into-2023-amid-stubborn-inflation\/","url_meta":{"origin":566346,"position":2},"title":"Expect central banks to stay hawkish deep into 2023 amid stubborn inflation","author":"enterpriseam admin","date":"19 December 2022","format":false,"excerpt":"Central banks won\u2019t be taking their feet off the gas anytime soon: Despite hopes in some quarters that central banks will begin to dial back the aggressive monetary tightening in the new year, we should brace for further rate hikes triggered by continued inflationary pressures. This is according to the\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\/2022\/12\/395.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580604,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/09\/what-will-impact-emerging-markets-in-2023\/","url_meta":{"origin":566346,"position":3},"title":"What will impact emerging markets in 2023?","author":"enterpriseam admin","date":"9 January 2023","format":false,"excerpt":"Last year was a tough one for emerging markets. What will 2023 bring? Emerging markets had a rough ride last year. Aggressive monetary tightening led by the US Federal Reserve combined with inflation and commodities shocks to bring currency woes, losses in stocks and bonds, and even debt defaults for\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/620.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544327,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-case-for-investing-in-em-economies-has-rarely-been-weaker-argues-the-ft\/","url_meta":{"origin":566346,"position":4},"title":"The case for investing in EM economies has \u201crarely been weaker,\u201d argues the FT","author":"enterpriseam admin","date":"27 February 2022","format":false,"excerpt":"With EM economies facing slowing growth, soaring debt, and imminent US interest rate hikes, the case for investing in them has \u201crarely been weaker,\u201d argues Jonathan Wheatley in the Financial Times. Amid the ongoing covid-19 pandemic, many EM economies have accrued high levels of debt, which they relied on to\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/560.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573712,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/16\/in-line-with-consensus-central-bank-of-egypt-leaves-rates-on-hold-in-august-meeting\/","url_meta":{"origin":566346,"position":5},"title":"In line with consensus, Central Bank of Egypt leaves rates on hold in August meeting","author":"enterpriseam admin","date":"16 August 2020","format":false,"excerpt":"CBE leaves rates on hold, in line with expectations: The Central Bank of Egypt (CBE) left interest rates unchanged for the fourth consecutive meeting on Thursday, citing persistent global uncertainty caused by the covid-19 pandemic, the bank said in a statement (pdf). \u201cWith the ongoing high level of uncertainty, and\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\/8\/120.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\/566346","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=566346"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566346\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566347"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566346"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566346"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}