{"id":578916,"date":"2023-01-18T04:02:59","date_gmt":"2023-01-18T04:02:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/resilient-banks-reduced-price-bread\/"},"modified":"2023-01-18T04:02:59","modified_gmt":"2023-01-18T04:02:59","slug":"resilient-banks-reduced-price-bread","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/resilient-banks-reduced-price-bread\/","title":{"rendered":"Resilient banks + reduced-price bread"},"content":{"rendered":"

<\/a> It was banking and bread on the airwaves last night: <\/strong>The attention of the talking heads was captured by a new report from Fitch Ratings with positive things to say about the resilience of our banking sector in the face of the EGP devaluation, as well as more details on the subsidized bread scheme set to launch in pilot form today.<\/p>\n

Our banking sector can withstand the EGP deval, according to Fitch Ratings: <\/strong>\u201cEgyptian banks\u2019 regulatory capital ratios can withstand further EGP depreciation as they are supported by healthy internal capital generation,\u201d according to a report out yesterday<\/a> from Fitch Ratings. \u201cEven further sharp currency falls should not directly trigger rating downgrades,\u201d the report reads.<\/p>\n

Our large private-sector banks are better equipped to sustain the currency devaluation<\/strong> than the sector\u2019s two largest public banks, the National Bank of Egypt and Banque Misr, the report adds, citing private banks\u2019 \u201chigher regulatory capital buffers.\u201d The 25% CDs will \u201csqueeze NBE\u2019s and Banque Misr\u2019s net interest margins (NIMs),\u201d while private-sector banks will be able to make up for deposit outflows thanks to the CDs through higher yields on sovereign securities, Fitch says.<\/p>\n

But we\u2019re not out of the woods yet: <\/strong>The EGP \u201cmay remain under pressure in 2023\u201d thanks to the USD 5.4 bn backlog at ports (equivalent to c. 16% of our FX reserves) and external funding needs of USD 19 bn (equivalent to c, 60% of our FX reserves), the ratings agency writes. \u201cIt remains to be seen whether the Central Bank of Egypt will let the exchange rate and interest rates adjust sufficiently to attract new portfolio flows,\u201d it adds. Al Hayah Al Youm has more coverage (watch, runtime: 18:07<\/a>)<\/p>\n

Local banking experts agree: <\/strong>It\u2019s true that our banking sector can withstand further EGP deprecation, especially after the 2020 Banking Act increased the mandatory capital requirement<\/a> for banks to EGP 5 bn, SAIB Bank Chairman Tarek El Khouly told Masaa DMC\u2019s Ramy Radwan in a phone call (watch, runtime: 9:16<\/a>.) But he disputed the claim that private banks are more resilient, noting that the NBE and Banque Misr own around a 50-60% market share.<\/p>\n

AND- Any prepaid card works for subsidized bread purchases: <\/strong>People can use any existing or new prepaid card issued by Egypt Post to buy subsidized bread, Egypt Post\u2019s Hatem Al Souly told Kelma Akhira\u2019s Lamees El Hadidi in a phone call (watch, runtime: 7:27<\/a>.) The cards can be charged with any amount of money at ATMs or post offices without additional fees, said El Souly, adding that there are currently around 16 mn cards in the market.<\/p>\n

REMEMBER- <\/strong>People not covered by the ration card system will be able to buy bread from bakeries at cost in a trial of the new scheme that should kick off today.<\/p>\n","protected":false},"excerpt":{"rendered":"

It was banking and bread on the airwaves last night: The attention of the talking heads was captured by a new report from Fitch Ratings with positive things to say about the resilience of our banking sector in the face of the EGP devaluation, as well as more details on the subsidized bread scheme set […]<\/p>\n","protected":false},"author":1,"featured_media":578917,"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":[7232],"tags":[204,317,1419,72,905,106,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-last-nights-talk-shows","tag-banking","tag-commodities","tag-egp","tag-enterpriseam","tag-fitch-ratings","tag-last-nights-talk-shows","tag-subsidies","wpautop","entry"],"acf":{"mongo_id":"1a726e2f-c356-4d33-8268-8459ed55192c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/303.jpg","photo_position":"above","related_issue":[578899],"teaser":"","voice_url":""},"yoast_head":"\nResilient banks + reduced-price bread - 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Fitch had in July revised its outlook for the banking sector from negative to stable, \u201creflecting the stable outlook on the operating environment,\u201d according to the report.What\u2019s\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/83.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567734,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/06\/banks-still-face-heightened-medium-term-threats-thanks-to-covid-fitch\/","url_meta":{"origin":578916,"position":2},"title":"Banks still face \u201cheightened\u201d medium-term threats thanks to covid \u2013Fitch","author":"enterpriseam admin","date":"6 December 2020","format":false,"excerpt":"Covid is the gift that keeps on giving for Egyptian banks, which will remain exposed to \u201cheightened\u201d medium-term threats, Fitch Ratings said in its latest report on state-owned Banque Misr\u2019s credit rating. The ratings agency still sees low near-term risks, especially as it relates to foreign currency funding and liquidity\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568057,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/fx-liquidity-at-banks-is-recovering-from-covid\/","url_meta":{"origin":578916,"position":3},"title":"FX liquidity at banks is recovering from covid","author":"enterpriseam admin","date":"16 December 2020","format":false,"excerpt":"The banking sector\u2019s FX liquidity has recovered from pandemic-induced lows, thanks to the return of foreign inflows to capital markets, Fitch Ratings said in a report yesterday. Net foreign assets at banks increased to USD 2.9 bn in October, continuing to rebound after having turned positive in September. 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