{"id":578745,"date":"2023-01-12T04:13:58","date_gmt":"2023-01-12T04:13:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/"},"modified":"2023-01-12T04:13:58","modified_gmt":"2023-01-12T04:13:58","slug":"egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/","title":{"rendered":"EGP breaks the 30 barrier against the USD before settling at 29.76"},"content":{"rendered":"

<\/a> The EGP tumbled to a new all-time low against the greenback yesterday<\/strong> as authorities continued to transition to a fully flexible exchange rate as agreed with the IMF. The currency fell in the interbank auction by a little over 16% to 32.20 to the USD by 1pm before rebounding to close at 29.76 per the official central bank rate. It closed down 7.5% from Tuesday.<\/p>\n

This was the largest single-day loss for the currency since October,<\/strong> when it fell more than<\/a>16%<\/a> in tandem with the central bank announcing its decision to move to a \u201cdurably flexible\u201d exchange rate. The EGP has now lost more than 50% of its value against the USD since October and is down almost 90% since the central bank first devalued the currency last March.<\/p>\n

How much changed hands yesterday? <\/strong>The banking sector saw USD 650-750 mn change hands through the interbank market yesterday \u2014 as much as five times the recent daily average, state news agency MENA reports, citing an unnamed banking source<\/a>. Blom Bank former Deputy Managing Director Tarek Metwally put the figure at some USD 650-700 mn in a phone call to Masaa DMC\u2019s Ramy Radwan (watch, runtime: 9:48<\/a>), saying that the increased liquidity was to thank for the cooling of the rate from its earlier peak during the day.<\/p>\n

Where did the money come from? <\/strong>Some USD 250 mn came from foreign institutional investors, the MENA source is quoted as saying, with Metwally naming JPMorgan and Morgan Stanley as among them.<\/p>\n

A GOOD SIGN-<\/strong> Yesterday\u2019s fall appears to have dealt a blow to the (anemic) black market, with a number of traders saying they were suspending operations until the end of the day, according to Bloomberg<\/a>. The greenback has been trading at more than 30.00 in the black market, which has reemerged in recent weeks in response to an ongoing shortage of foreign currency.<\/p>\n

It was a volatile day on the EGX:<\/strong> The benchmark EGX30 index rose as much as 4.4% during the morning before erasing most of its gains to close just 0.4% higher. The EGX has been one of the world\u2019s best-performing indexes (in local-currency terms) since the October devaluation, soaring more than 47% to its highest level since 2018.<\/p>\n

WHERE DO WE GO FROM HERE?<\/strong><\/p>\n

The EGP could well continue to lose a bit of value in the days ahead, some pundits suggest. <\/strong>\u201c[The latest EGP slide] by itself might not be enough to bring private capital back, until there are signs that the FX backlog is getting cleared, which would require new USD liquidity. There is currently no visibility where this liquidity will come from,\" Abu Dhabi Commercial Bank economist Monica Malik told Reuters<\/a>. Speaking to Bloomberg, Standard Chartered economist Carla Slim said that \u201cthe EGP will remain under pressure until more USD inflows materialize.\u201d Blom Bank\u2019s Metwally says \u201cprices are projected to decrease within a month as the availability of the greenback in the banking sector increases.\u201d<\/p>\n

The offshore market agrees: <\/strong>Non-deliverable forwards (NDFs) \u2014 contracts used to forecast the value of the currency over the next 3-12 months \u2014 rose to 32.64-35.40 in trading yesterday, according to Reuters.<\/p>\n

Higher yields might be needed: <\/strong>The EGP is inching closer to levels attractive to foreign investors, but yields on local debt will need to rise further to bring them back into the market in large numbers, Kevin Daly, emerging markets fund manager at investment firm Abrdn, told the Financial Times<\/a>. \u201cI wouldn\u2019t expect to see a big inflow of USDs into the market until you get an adjustment higher in rates,\u201d Daly said. Yields on short-term government bonds will likely need to rise another 1000 bps to 30% before Egypt starts seeing sizable inflows into the local debt market, he said.<\/p>\n

That could mean more rate hikes:<\/strong> HSBC expects the CBE to raise interest rates by 300 bps during the quarter to curb inflation and bring foreigners back into the market. Al Ahly Pharos expects a 200-bps hike, potentially at the next Monetary Policy Committee meeting in early February. Goldman Sachs said earlier this week we could see \u201cincreases in local rates in the coming days\u201d even as the CBE allows the EGP to float.<\/p>\n

Where\u2019s the sweet spot?<\/strong> In a note earlier this week, HSBC pegged the market clearing rate at between 30.00 and 35.00, with 32.50 \u201cas a tentative midpoint,\u201d while Goldman Sachs thinks we\u2019re looking at 33.00-35.00<\/a>. Meanwhile, BNP Paribas yesterday reiterated its December forecast for the USD-EGP rate to fall to 37.00 this quarter.<\/p>\n

Prepare for more inflation:<\/strong> The weakening currency has already caused inflation to accelerate<\/a> at its fastest rate in five years.<\/p>\n

EGYPT IN THE NEWS- <\/strong>As coverage from Bloomberg, Reuters and the Financial Times above suggests, yesterday\u2019s USD-EGP movement is dominating the conversation on Egypt in the global business press.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGP tumbled to a new all-time low against the greenback yesterday as authorities continued to transition to a fully flexible exchange rate as agreed with the IMF. The currency fell in the interbank auction by a little over 16% to 32.20 to the USD by 1pm before rebounding to close at 29.76 per the […]<\/p>\n","protected":false},"author":1,"featured_media":578746,"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":[271,104,1419,72,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-egp","tag-enterpriseam","tag-imf","wpautop","entry"],"acf":{"mongo_id":"63a7ec65-1966-4d8f-9b11-181cbd0f12b6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/191.jpg","photo_position":"above","related_issue":[578740],"teaser":"","voice_url":""},"yoast_head":"\nEGP breaks the 30 barrier against the USD before settling at 29.76 - 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\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGP breaks the 30 barrier against the USD before settling at 29.76\" \/>\n<meta property=\"og:description\" content=\"The EGP tumbled to a new all-time low against the greenback yesterday as authorities continued to transition to a fully flexible exchange rate as agreed with the IMF. The currency fell in the interbank auction by a little over 16% to 32.20 to the USD by 1pm before rebounding to close at 29.76 per the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-12T04:13:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EGP breaks the 30 barrier against the USD before settling at 29.76\",\"datePublished\":\"2023-01-12T04:13:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/\"},\"wordCount\":794,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Central Bank of Egypt\",\"economy\",\"EGP\",\"EnterpriseAM\",\"IMF\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/\",\"name\":\"EGP breaks the 30 barrier against the USD before settling at 29.76 - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2023-01-12T04:13:58+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"EGP breaks the 30 barrier against the USD before settling at 29.76\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"EGP breaks the 30 barrier against the USD before settling at 29.76 - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/","og_locale":"en_US","og_type":"article","og_title":"EGP breaks the 30 barrier against the USD before settling at 29.76","og_description":"The EGP tumbled to a new all-time low against the greenback yesterday as authorities continued to transition to a fully flexible exchange rate as agreed with the IMF. The currency fell in the interbank auction by a little over 16% to 32.20 to the USD by 1pm before rebounding to close at 29.76 per the […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2023-01-12T04:13:58+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"EGP breaks the 30 barrier against the USD before settling at 29.76","datePublished":"2023-01-12T04:13:58+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/"},"wordCount":794,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?fit=%2C&ssl=1","keywords":["Central Bank of Egypt","economy","EGP","EnterpriseAM","IMF"],"articleSection":["Economy"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/","url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/","name":"EGP breaks the 30 barrier against the USD before settling at 29.76 - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?fit=%2C&ssl=1","datePublished":"2023-01-12T04:13:58+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"EGP breaks the 30 barrier against the USD before settling at 29.76"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":578142,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/","url_meta":{"origin":578745,"position":0},"title":"We got the IMF package \u2014 now here\u2019s what we need to do","author":"enterpriseam admin","date":"18 December 2022","format":false,"excerpt":"The IMF has approved a USD 3 bn loan for Egypt, which is expected to unlock bns of USD of vital funding as the country struggles amid global headwinds. In a statement Friday, the Fund\u2019s executive board said it had signed off on the 46-month extended fund facility (EFF) agreed\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\/12\/352.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578595,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/cbe-lets-egp-slide-as-big-two-state-owned-banks-announce-25-cds\/","url_meta":{"origin":578745,"position":1},"title":"CBE lets EGP slide as Big Two state-owned banks announce 25% CDs","author":"enterpriseam admin","date":"5 January 2023","format":false,"excerpt":"The Central Bank of Egypt made a big move on the FX front yesterday, allowing the EGP to slide against the greenback at the same time as the nation\u2019s two largest banks announced high-yield local-currency certificates of deposit. It has three goals: To convince folks with hard currency deposits in\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\/2023\/1\/86.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578266,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/the-imf-is-watching-what-happens-to-the-egp-in-january\/","url_meta":{"origin":578745,"position":2},"title":"The IMF is watching what happens to the EGP in January","author":"enterpriseam admin","date":"21 December 2022","format":false,"excerpt":"The IMF will be keeping a beady eye on what happens to the exchange rate when the central bank ends import restrictions at the end of the month. Egypt has committed to permanently switching to a floating exchange rate in return for a USD 3 bn loan from the IMF,\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\/12\/446.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577486,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/24\/egp-most-vulnerable-em-currency-says-nomura\/","url_meta":{"origin":578745,"position":3},"title":"EGP most vulnerable EM currency, says Nomura","author":"enterpriseam admin","date":"24 November 2022","format":false,"excerpt":"The EGP might not be out of the woods yet: Japanese bank Nomura thinks that Egypt is the most vulnerable emerging-market country to a currency crisis over the next 12 months, according to a report. Egypt is ranked highest of the 32 EM nations included on the bank\u2019s Damocles Index,\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\/11\/383.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548774,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/egypt-could-opt-for-soft-egp-devaluation-to-stave-off-inflation-moodys\/","url_meta":{"origin":578745,"position":4},"title":"Egypt could opt for soft EGP devaluation to stave off inflation -Moody\u2019s","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"Moody\u2019s is the latest to speculate on the fate of the EGP: Egyptian policymakers will likely choose to maintain a close watch on the EGP and allow it to ease gradually against the greenback to avoid exacerbating inflationary pressures, Moody\u2019s says in a report picked up by the regional press.The\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\/8\/344.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589172,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/another-deval-not-the-right-way-forward-says-deutsche-bank\/","url_meta":{"origin":578745,"position":5},"title":"Another deval \u201cnot the right way forward,\u201d says Deutsche Bank","author":"enterpriseam admin","date":"22 June 2023","format":false,"excerpt":"Further currency weakness likely to impact debt sustainability, analysts say","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\/6\/1113.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\/578745","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=578745"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578745\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578740"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578746"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578745"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578745"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}