{"id":574667,"date":"2020-09-17T04:13:25","date_gmt":"2020-09-17T04:13:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/17\/interest-rate-cuts-wont-dent-investors-enthusiasm-for-egypt-goldman\/"},"modified":"2020-09-17T04:13:25","modified_gmt":"2020-09-17T04:13:25","slug":"interest-rate-cuts-wont-dent-investors-enthusiasm-for-egypt-goldman","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/17\/interest-rate-cuts-wont-dent-investors-enthusiasm-for-egypt-goldman\/","title":{"rendered":"Interest rate cuts won\u2019t dent investors\u2019 enthusiasm for Egypt -Goldman"},"content":{"rendered":"

<\/a> EGP to stay strong, interest rate cuts won\u2019t dent carry trade enthusiasm for Egypt <\/strong>-Goldman: <\/strong>Bulge Bracket stalwart Goldman Sachs sounds optimistic about Egypt, writing in a recent report picked up by the local press<\/a> that improved hard currency inflows will see a stable EGP \u2014 and predicting that an interest rate cut (necessary to spur activity in the real economy) won\u2019t spook the carry trade.<\/p>\n

Inflows: <\/strong>Egypt saw close to USD 20 bn flee the country in the early months of the covid-19 pandemic (March to June) amid a general risk-off that swept emerging markets, but has seen almost half of that sum (about USD 10 bn<\/a>) return in recent months. The report suggests that recoveries are imminent for both tourism receipts and remittances of Egyptians working abroad, both major sources of hard currency.<\/p>\n

That sees GS expecting the EGP to remain strong and continue to tick upward <\/strong>against the greenback without posing any significant threat to the competitiveness of Egyptian exports. Meanwhile, the investment bank sees inflation stabilizing around the 4.5% mark in the coming two months, before rising to 7-7.5%, well within the CBE\u2019s target range of 6% (+\/- 3%)<\/a>.<\/p>\n

Rate cuts unlikely to dent investor appetite:<\/strong> Goldman expects the CBE to continue cutting interest rates in the medium term, but thinks it will likely hold off in the coming months to protect inflows<\/strong>. Any further cuts would not adversely affect foreign currency inflows due to Egypt\u2019s strong economic growth, it said. The CBE will likely cut by another 200 bps over the medium term, bringing real interest rates to 2.5% from 6.5% currently (assuming inflation ticks up another 2%). The CBE left interest rates unchanged<\/a> for the fourth consecutive meeting after slashing them by an unprecedented 300 bps during its meeting on 16 March 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

EGP to stay strong, interest rate cuts won\u2019t dent carry trade enthusiasm for Egypt -Goldman: Bulge Bracket stalwart Goldman Sachs sounds optimistic about Egypt, writing in a recent report picked up by the local press that improved hard currency inflows will see a stable EGP \u2014 and predicting that an interest rate cut (necessary to […]<\/p>\n","protected":false},"author":1,"featured_media":574668,"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":[1419,72,103,260,182,349,2380,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-egp","tag-enterpriseam","tag-fdi","tag-goldman-sachs","tag-inflation","tag-interest-rates","tag-speed-round","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"fdc11f2d-2a92-4172-a3a7-7db0eaa0a631","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/197.jpg","photo_position":"above","related_issue":[574662],"teaser":"","voice_url":""},"yoast_head":"\nInterest rate cuts won\u2019t dent investors\u2019 enthusiasm for Egypt -Goldman - 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That\u2019s the key takeaway in this piece by the Financial Times\u2019 Heba Saleh on the attractiveness of Egypt\u2019s debt. Short-term carry trade investors, Saleh says,\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\/10\/194.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584764,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/05\/economic-reform-a-must-to-avoid-depreciation-inflation-cycle-goldman\/","url_meta":{"origin":574667,"position":2},"title":"Economic reform a must to avoid \u201cdepreciation-inflation cycle\u201d -Goldman","author":"enterpriseam admin","date":"5 April 2023","format":false,"excerpt":"Our problem is exports, not imports","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/208.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596483,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/29\/goldman-sachs-sees-egypts-10-year-bonds-as-extremely-attractive-as-interest-rates-come-down\/","url_meta":{"origin":574667,"position":3},"title":"Goldman Sachs sees Egypt\u2019s 10-year bonds as \u201cextremely attractive\u201d as interest rates come down","author":"enterpriseam admin","date":"29 August 2019","format":false,"excerpt":"Egyptian 10-year bonds to remain \u201cextremely attractive\u201d as interest rates come down -Goldman Sachs: Egyptian 10-year bonds are an \u201cextremely attractive\u201d option for investors looking for higher yields and duration return as the country begins to cut its short-term interest rates, Goldman Sachs Vice President for MENA economics research Farouk\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\/8\/1488.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550466,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/30\/icymi-taweem-3-0-imf-loan-rate-hike-and-more\/","url_meta":{"origin":574667,"position":4},"title":"ICYMI: Taweem 3.0, IMF loan, rate hike, and more","author":"enterpriseam admin","date":"30 October 2022","format":false,"excerpt":"What the [redacted] happened on Thursday? The Central Bank of Egypt (CBE) at the end of last week went ahead with a series of measures to restore liquidity to the FX market and revive investor confidence in the economy \u2014 and topped it off by announcing a USD 3 bn\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/369.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573292,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/the-tides-are-turning-for-foreign-portfolio-investment-in-egypt-as-investors-return-to-favorite-carry-trade\/","url_meta":{"origin":574667,"position":5},"title":"The tides are turning for foreign portfolio investment in Egypt as investors return to \u201cfavorite\u201d carry trade","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"The tides are turning for foreign portfolio investment in Egypt as investors return to \u201cfavorite\u201d carry trade: Foreign holdings of Egyptian sovereign debt rose to USD 10.6 bn by the end of June, and the first two weeks of July saw another USD 3 bn of inflows to local debt,\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\/7\/223.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\/574667","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=574667"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574667\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574662"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/574668"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574667"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574667"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}