{"id":583488,"date":"2023-03-02T00:00:00","date_gmt":"2023-03-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/this-evening-egp-slips-against-the-usd-blinken-demands-russia-renew\/"},"modified":"2023-03-02T00:00:00","modified_gmt":"2023-03-02T00:00:00","slug":"this-evening-egp-slips-against-the-usd-blinken-demands-russia-renew","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/this-evening-egp-slips-against-the-usd-blinken-demands-russia-renew\/","title":{"rendered":"THIS EVENING: EGP slips against the USD + Blinken demands Russia renew"},"content":{"rendered":"

Good afternoon, friends, and a very happy THURSDAY to us all. <\/span>It\u2019s relatively calm on the news front today \u2014 an ideal way to end a hectic workweek.<\/span><\/p>\n

THE BIG STORY TODAY<\/span><\/p>\n

<\/span>EGP WATCH- The EGP slipped by nine piasters against the greenback today, <\/span>with the USD changing hands at 30.7757 from 30.68 yesterday, after five days of relative stability, according to <\/span>central bank data<\/span>. Demand for USD is unlikely to decline significantly in the weeks leading up to Ramadan as traders complete stocking up on the imported necessities for the holy month (they\u2019re doing so a bit later than usual this year thanks to the FX crunch).<\/span><\/p>\n

Refresher: <\/span>The currency hit the 30 mark at the end of January following a sharper devaluation and has lost nearly half its value against the greenback over the past year amid the fallout from the war in Ukraine and rising interest rates.<\/span><\/p>\n

THE BIG STORY ABROAD<\/span><\/p>\n

It\u2019s a mixed bag in the international business press today<\/span>, but one particularly noteworthy <\/span>story comes from the Group of 20 (G20) meeting of foreign ministers in New Delhi today: US Secretary of State Antony Blinken implored Moscow to renew the expiring UN-brokered trade agreement that allows Ukrainian grain into global markets. \u201cIt is imperative the G20 speak up on behalf of extending and expanding the grain initiative to strengthen food security for the most vulnerable,\u201d Blinken said. Last July, the UN and Turkey negotiated the Black Sea Grain Initiative, which has helped bring down the skyrocketing prices of food. Around 20 mn tons of grain have been exported thanks to the initiative. The story is getting attention from <\/span>Reuters<\/a><\/span>and <\/span>AFP.<\/a><\/span><\/p>\n

HAPPENING NOW- <\/span><\/p>\n

Shoukry is also in New Delhi for the G-20 meetings:<\/span> Foreign Minister Sameh Shoukry <\/span>is<\/a><\/span>in India<\/a><\/span> for the second day of the meeting of G-20 foreign ministers. <\/span>As this year\u2019s G-20 president, India has invited Egypt <\/span>to attend the summits as a guest nation.<\/span><\/p>\n

The <\/span>Corporate Social Responsibility Forum<\/a><\/span> has kicked off <\/span>in Somabay. The event will <\/span>run until Sunday, 5 March and aims to further the discussions had at COP27 to boost private and public sector cooperation on climate action.<\/span><\/p>\n

** CATCH UP QUICK on the top stories from today\u2019s EnterpriseAM:<\/span><\/p>\n