{"id":571089,"date":"2020-04-29T04:06:43","date_gmt":"2020-04-29T04:06:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/29\/still-up-2-against-the-usd-for-the-year-reuters-wonders-whether-egps-coronavirus-immunity-could-wane\/"},"modified":"2020-04-29T04:06:43","modified_gmt":"2020-04-29T04:06:43","slug":"still-up-2-against-the-usd-for-the-year-reuters-wonders-whether-egps-coronavirus-immunity-could-wane","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/29\/still-up-2-against-the-usd-for-the-year-reuters-wonders-whether-egps-coronavirus-immunity-could-wane\/","title":{"rendered":"Still up 2% against the USD for the year, Reuters wonders whether EGP\u2019s \u201ccoronavirus immunity\u201d could \u201cwane.\u201d"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Still up 2% against the USD for the year, Reuters wonders whether EGP\u2019s \u201ccoronavirus <\/strong><strong>immunity\u201d could \u201cwane.\u201d <\/strong>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 <a href=\"https:\/\/www.reuters.com\/article\/uk-health-coronavirus-egypt-currency-ana\/egyptian-pounds-initial-coronavirus-immunity-seen-waning-idUSKCN22A28F\">Reuters<\/a><a href=\"https:\/\/www.reuters.com\/article\/uk-health-coronavirus-egypt-currency-ana\/egyptian-pounds-initial-coronavirus-immunity-seen-waning-idUSKCN22A28F\">suggests<\/a> after speaking with analysts and bankers.<\/p>\n<p><strong>Where\u2019s the pressure coming from:<\/strong> The country\u2019s top FX earners, including remittances and tourism, are under pressure amid a global storm, potentially limiting policymakers\u2019 ability to help maintain FX-rate stability as Egypt looks for an IMF facility \u2014 and faces outflows of portfolio investment in the global risk-off. Reserves hit a two-year low of USD 40.1 bn in March after the CBE drew down USD 5.4 bn in response to the shockwaves roiling the global economy. The bank used the reserves to \u201cpartially cover foreign portfolio investment outflows through the CBE\u2019s FX repatriation mechanism and accommodate for the domestic market\u2019s foreign currency needs to import strategic goods, as well as for the repayment of external debt service obligations,\u201d <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0afff7d1-dbb9-42a8-a855-28a2261272e7\">the CBE said<\/a>.<\/p>\n<p><strong>\u201cRisks have increased of some near-term adjustment,\u201d<\/strong> Goldman Sachs MENA economist Farouk Soussa tells the newswire. \u201cWe have heard concerns that a new IMF programme may require greater EGP flexibility in the medium term as well, but the evidence would suggest that EGP stability and an IMF programme are not mutually incompatible.\u201d<\/p>\n<p><strong>The EGP has so far been one of the few EM currencies to hold its ground in 2020<\/strong>, while the MXN and ZAR are each down c. 20%. The EGP has been steady at around 15.69 against the greenback since last month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 the pressure coming from: The [&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":[8572],"tags":[107,72,724,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571089","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-covid-19","tag-enterpriseam","tag-monetary-policy","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"66517467-1183-4ff4-98ee-93d7637bef87","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[571084],"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>Still up 2% against the USD for the year, Reuters wonders whether EGP\u2019s \u201ccoronavirus immunity\u201d could \u201cwane.\u201d - 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\/29\/still-up-2-against-the-usd-for-the-year-reuters-wonders-whether-egps-coronavirus-immunity-could-wane\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Still up 2% against the USD for the year, Reuters wonders whether EGP\u2019s \u201ccoronavirus immunity\u201d could \u201cwane.\u201d\" \/>\n<meta property=\"og:description\" content=\"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. 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There are signs a parallel market for the USD has reappeared in recent days as the covid-19 outbreak places strain on Egypt\u2019s sources of foreign currency, Reuters reports. While banks and currency exchanges\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\/3\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598869,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/the-question-on-everyones-lips-where-is-the-egp-heading\/","url_meta":{"origin":571089,"position":1},"title":"The question on everyone\u2019s lips: Where is the EGP heading?","author":"enterpriseam admin","date":"11 June 2019","format":false,"excerpt":"ANALYSIS- The question on everyone\u2019s lips as we ponder the kickoff of budget season at most companies after the summer break: Where is the EGP heading? The EGP has been on a good run this year, appreciating by about 7% YTD against the USD to 16.7917. But this isn\u2019t set\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\/2019\/4\/EGP-USD-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570943,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egyptian-economy-to-grow-3-5-in-fy2020-2021-reuters-poll\/","url_meta":{"origin":571089,"position":2},"title":"Egyptian economy to grow 3.5% in FY2020-2021 \u2013Reuters poll","author":"enterpriseam admin","date":"23 April 2020","format":false,"excerpt":"Egyptian economy to grow 3.5% in FY2020-2021 \u2013Reuters poll: Egypt\u2019s economy will grow at a 3.5% clip in FY2020-2021, down from 5.9% in a similar poll just three months ago, according to a Reuters poll of economists. Growth for the current fiscal year will come in at 3%, a downgrade\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":637931,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/29\/cbe-lifts-caps-on-usd-deposits-and-withdrawals\/","url_meta":{"origin":571089,"position":3},"title":"CBE lifts caps on USD deposits and withdrawals","author":"enterpriseam admin","date":"29 November 2017","format":false,"excerpt":"CBE lifts caps on USD deposits and withdrawals: The central bank announced yesterday that it has lifted all previously-imposed restrictions on USD deposits and withdrawals for importers of non-essential goods. The central bank had set a deposit limit of USD 10k a day to a maximum of USD 50k a\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":569280,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/what-has-been-driving-the-egp-appreciation-and-who-stands-to-gain-or-lose-from-its-rally\/","url_meta":{"origin":571089,"position":4},"title":"What has been driving the EGP appreciation \u2014 and who stands to gain or lose from its rally?","author":"enterpriseam admin","date":"19 February 2020","format":false,"excerpt":"EXCLUSIVE- What has been driving the EGP appreciation \u2014 and who stands to gain or lose from its rally? The EGP has been on tear for more than a year now, gaining almost 13% against the greenback since the beginning of 2019, when it stood at EGP 17.85 \/ USD\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\/252.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596216,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/21\/the-risks-on-egypts-sharply-rising-external-debt-are-currently-manageable-says-capital-economics\/","url_meta":{"origin":571089,"position":5},"title":"The risks on Egypt\u2019s sharply rising external debt are \u201ccurrently manageable,\u201d says Capital Economics","author":"enterpriseam admin","date":"21 August 2019","format":false,"excerpt":"The \u201csharp rise\u201d in Egypt\u2019s external debt since 2015 could be cause for alarm but \u201cthe risks are currently manageable,\u201d Capital Economics says in a research note. There are obvious downside risks to external debt, including \u201croll-over risks \u2014 if risk appetite deteriorates, it can become much more difficult to\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\/2019\/8\/156.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571089","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=571089"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571089\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/571084"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=571089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=571089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=571089"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=571089"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=571089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}