{"id":578990,"date":"2023-01-22T04:15:13","date_gmt":"2023-01-22T04:15:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/22\/higher-yields-a-weaker-egp-have-foreign-investors-looking-at-egypt\/"},"modified":"2023-01-22T04:15:13","modified_gmt":"2023-01-22T04:15:13","slug":"higher-yields-a-weaker-egp-have-foreign-investors-looking-at-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/22\/higher-yields-a-weaker-egp-have-foreign-investors-looking-at-egypt\/","title":{"rendered":"Higher yields + a weaker EGP have foreign investors looking at Egypt"},"content":{"rendered":"

<\/a> Higher yields + weaker EGP could bring foreign investors back to the <\/strong>market: <\/strong>Foreign investors who sold out of Egypt last year are once again looking at Egypt\u2019s debt market on the back of a cheaper EGP and record yield, Bloomberg<\/a> writes. The spread between most EGP treasury bills and other emerging-market debt last week widened to its highest on record, while authorities\u2019 commitment to a flexible exchange rate has removed some of the currency risk and made EGP more attractive to foreign investors, the business newswire reports.<\/p>\n

Inflows have picked up this month<\/strong> after the central bank allowed the currency to depreciate further against the greenback. Some USD 925 mn entered Egypt\u2019s foreign exchange market<\/a> in the three days following the devaluation on 11 January, which saw the EGP fall to a record low of 32.20<\/a> against the greenback during trading before rebounding.The EGP has continued to slip slightly against the USD in the days since and closed last Thursday at some 29.89 against the USD, according to the official central bank rate.<\/p>\n

Conditions are improving:<\/strong> \u201cAfter holding an underweight position for much of 2022, I finally see the conditions for re-entering the local market,\u201d an analyst at Columbia Threadneedle Investments told Bloomberg. Columbia Threadneedle believes that the EGP is up to 25% undervalued when measured by its real effective exchange rate. \u201cIt does feel like we are closer to the end of the FX devaluation process now than the beginning,\u201d said a fund manager at Fidelity International. \u201cWe can expect demand to resume, especially in an environment where global inflation, global yields and the USD are all now pushing lower.\u201d<\/p>\n

More to be done?<\/strong> \u201cWith inflation spiking to close to 30% in the coming months and no FX anchor given the change in regime, we still think the CBE has to show more mettle,\u201d a London-based portfolio manager at FIM Partners said. The central bank has raised interest rates 800 bps<\/a> over the last year, pushing its key rate to 16.25% \u2014 its highest level since early 2019. Others say the EGP still has further to fall against the greenback before they are ready to re-enter the market, with Deutsche Bank among those predicting the EGP to weaken further to USD 33 before it stabilizes.<\/p>\n

The state has been trying to bring investors back to the country <\/strong>to quell a foreign-currency shortage. Investors pulled some USD 22 bn<\/a> from EGP-denominated debt between March and September last year on the back of the war in Ukraine, tightening financial conditions, and soaring inflation, which pushed real interest rates deep into negative territory.<\/p>\n

FX shortage in the rear-view mirror? <\/strong>President Abdel Fattah El Sisi presented the USD shortage as a thing of the past over the weekend in a speech (watch, runtime: 3:42<\/a>) aimed at reassuring the public amid soaring prices. \u201cWe had an issue securing USDs over the past couple of months \u2026 but at the moment we have no issues related to the USD,\u201d El Sisi said, defending his government\u2019s record on the economy. \u201cThings are hard but thankfully we have them under control and we will be able to surpass them and move forward together,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Higher yields + weaker EGP could bring foreign investors back to the market: Foreign investors who sold out of Egypt last year are once again looking at Egypt\u2019s debt market on the back of a cheaper EGP and record yield, Bloomberg writes. The spread between most EGP treasury bills and other emerging-market debt last week […]<\/p>\n","protected":false},"author":1,"featured_media":578991,"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":[271,7106,104,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-debt","tag-economy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"5f925661-cfe9-4af8-a9c4-c0134e2523b3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/355.jpg","photo_position":"above","related_issue":[578985],"teaser":"","voice_url":""},"yoast_head":"\nHigher yields + a weaker EGP have foreign investors looking at Egypt - 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\/22\/higher-yields-a-weaker-egp-have-foreign-investors-looking-at-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Higher yields + a weaker EGP have foreign investors looking at Egypt\" \/>\n<meta property=\"og:description\" content=\"Higher yields + weaker EGP could bring foreign investors back to the market: Foreign investors who sold out of Egypt last year are once again looking at Egypt\u2019s debt market on the back of a cheaper EGP and record yield, Bloomberg writes. 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Flashback: The central bank chose to leave interest rates unchanged at its\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\/CBE-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562671,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/foreign-investors-are-still-buying-our-treasuries\/","url_meta":{"origin":578990,"position":1},"title":"Foreign investors are still buying our treasuries","author":"enterpriseam admin","date":"2 June 2021","format":false,"excerpt":"FROM THE DEPT. OF GOOD NEWS- Foreign holdings of Egyptian treasury bills jumped to USD 20.8 bn (c. EGP 327 bn) as of the end of April, up from USD 20 bn (EGP 314 bn) in March, according to central bank figures (pdf) released yesterday. Investors put almost USD 3\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\/2021\/6\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585586,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/sp-global-ratings-lowers-egypts-debt-outlook\/","url_meta":{"origin":578990,"position":2},"title":"S&P Global Ratings lowers Egypt\u2019s debt outlook","author":"enterpriseam admin","date":"26 April 2023","format":false,"excerpt":"S&P + IMF + World Bank want to see progress in our policy implementation","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\/786.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578745,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/egp-breaks-the-30-barrier-against-the-usd-before-settling-at-29-76\/","url_meta":{"origin":578990,"position":3},"title":"EGP breaks the 30 barrier against the USD before settling at 29.76","author":"enterpriseam admin","date":"12 January 2023","format":false,"excerpt":"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\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\/191.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":640086,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/20\/foreign-investments-in-egypts-t-bills-were-up-again-in-may-for-third-consecutive-month-following-egp-float\/","url_meta":{"origin":578990,"position":4},"title":"Foreign investments in Egypt\u2019s t-bills were up again in May for third consecutive month following EGP float","author":"enterpriseam admin","date":"20 August 2024","format":false,"excerpt":"Foreign investments in Egypt\u2019s t-bills sat at USD 37.5 bn by the end of May","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1700.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572262,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible\/","url_meta":{"origin":578990,"position":5},"title":"Portfolio investors warming to Egypt as EGP proves more flexible","author":"enterpriseam admin","date":"17 June 2020","format":false,"excerpt":"Portfolio investors warming to Egypt as EGP proves more flexible: There are signs that foreign investors may be warming to Egypt after the EGP eased a bit against the USD, Bloomberg reports, writing that \u201ca stable currency and elevated interest rates have kept Egypt\u2019s bond market humming for months\u201d and\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\/6\/189.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\/578990","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=578990"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578990\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578985"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578991"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578990"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578990"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}