{"id":570485,"date":"2020-04-02T04:26:11","date_gmt":"2020-04-02T04:26:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/the-egp-has-so-far-weathered-the-global-storm-whats-next\/"},"modified":"2020-04-02T04:26:11","modified_gmt":"2020-04-02T04:26:11","slug":"the-egp-has-so-far-weathered-the-global-storm-whats-next","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/the-egp-has-so-far-weathered-the-global-storm-whats-next\/","title":{"rendered":"The EGP has so far weathered the global storm. What\u2019s next?"},"content":{"rendered":"

<\/a> The EGP has so far weathered the global storm. What\u2019s next? <\/strong>Egypt appears to have \u201cweathered the worst of the capital flight [from emerging markets, prompted by covid-19] while keeping its import cover largely intact \u2026 and avoiding a non-orderly depreciation,\u201d Renaissance Capital head of MENA research Ahmed Hafez writes in a note out yesterday.<\/p>\n

The EGP has fallen just 1% to 15.69 against the greenback since late February<\/strong>, a period in which most emerging market currencies have plunged to multi-decade lows<\/a>. RenCap now sees the EGP easing to a familiar EGP 17.00-17.50 against the greenback, and notes that \u201con the upside, we could see foreigners coming back to the debt market<\/strong> (assuming one-year CDS drops another 50-75 bpts) as investors seem to be changing their stance globally<\/strong>.\u201d Capital Economics, meanwhile, suggested in a note earlier this week that that\u2019s the result of the central bank guiding the market. The consultancy sees policymakers allowing the EGP to weaken over time, cautioning that an overvalued EGP will \u201cfurther weigh on Egypt\u2019s external competitiveness.\u201d<\/p>\n

The central bank\u2019s policy response to what\u2019s going on right now is a delicate balancing <\/strong>act. <\/strong>The bank needs to maintain an interest rate that is low enough to give the government room to maneuver in its policy response (without blasting its fiscal deficit target). Low rates also encourage savers and businesses to put capital to work rather than leaving it parked in high-interest deposits. But on the flip sides, rates need to be high enough to keep the twitchy carry trade engaged amid a global meltdown.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGP has so far weathered the global storm. What\u2019s next? Egypt appears to have \u201cweathered the worst of the capital flight [from emerging markets, prompted by covid-19] while keeping its import cover largely intact \u2026 and avoiding a non-orderly depreciation,\u201d Renaissance Capital head of MENA research Ahmed Hafez writes in a note out yesterday. […]<\/p>\n","protected":false},"author":1,"featured_media":570486,"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":[8572],"tags":[1433,380,104,72,1982,2380,7103,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-capital-economics","tag-currencies","tag-economy","tag-enterpriseam","tag-renaissance-capital","tag-speed-round","tag-suez-canal","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"fb10c312-5d8c-41eb-90c4-50f8cba2058c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/14.jpg","photo_position":"above","related_issue":[570480],"teaser":"","voice_url":""},"yoast_head":"\nThe EGP has so far weathered the global storm. What\u2019s next? - 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\/2020\/04\/02\/the-egp-has-so-far-weathered-the-global-storm-whats-next\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The EGP has so far weathered the global storm. What\u2019s next?\" \/>\n<meta property=\"og:description\" content=\"The EGP has so far weathered the global storm. What\u2019s next? Egypt appears to have \u201cweathered the worst of the capital flight [from emerging markets, prompted by covid-19] while keeping its import cover largely intact \u2026 and avoiding a non-orderly depreciation,\u201d Renaissance Capital head of MENA research Ahmed Hafez writes in a note out yesterday. 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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 "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":571089,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/29\/still-up-2-against-the-usd-for-the-year-reuters-wonders-whether-egps-coronavirus-immunity-could-wane\/","url_meta":{"origin":570485,"position":1},"title":"Still up 2% against the USD for the year, Reuters wonders whether EGP\u2019s \u201ccoronavirus immunity\u201d could \u201cwane.\u201d","author":"enterpriseam admin","date":"29 April 2020","format":false,"excerpt":"Still up 2% against the USD for the year, Reuters wonders whether EGP\u2019s \u201ccoronavirus immunity\u201d could \u201cwane.\u201d The EGP \u201chas been a rare riser among emerging market currencies beaten down by the coronavirus fallout, but pressure is growing on it to weaken,\u201d Reuterssuggests after speaking with analysts and bankers. Where\u2019s\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":568839,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egp-overvaluation-to-surpass-20-in-the-coming-two-years-rencap\/","url_meta":{"origin":570485,"position":2},"title":"EGP overvaluation to surpass 20% in the coming two years -RenCap","author":"enterpriseam admin","date":"5 February 2020","format":false,"excerpt":"EGP overvaluation to surpass 20% in the coming two years -RenCap: Renaissance Capital has become \u201cmore bullish\u201d on the trajectory of the EGP over the coming two years, forecasting the currency to remain stable this year before falling to EGP 16.2 against the greenback during 2021. In a report issued\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\/70.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598426,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/","url_meta":{"origin":570485,"position":3},"title":"EGP hits fresh two-year highs","author":"enterpriseam admin","date":"26 May 2019","format":false,"excerpt":"EGP hits fresh two-year high, breaking the EGP 17 \/ USD 1 barrier: The EGP rose to a new two-year high against the greenback on Thursday, advancing to 16.9317 from 17.0500 on Wednesday, central bank data shows. The EGP has risen 5.7% against the USD since the beginning of 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\/2019\/5\/763.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":570485,"position":4},"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":569016,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/11\/egp-surges-to-new-three-year-highs-against-the-greenback\/","url_meta":{"origin":570485,"position":5},"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 "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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570485","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=570485"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570485\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570480"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570486"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570485"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570485"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}