{"id":585282,"date":"2023-04-13T00:00:00","date_gmt":"2023-04-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/13\/foreign-press-speculates-about-a-fourth-deval\/"},"modified":"2023-04-13T00:00:00","modified_gmt":"2023-04-13T00:00:00","slug":"foreign-press-speculates-about-a-fourth-deval","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/13\/foreign-press-speculates-about-a-fourth-deval\/","title":{"rendered":"Foreign press speculates about a fourth deval"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">There\u2019s plenty of mentions for Egypt in the business pages this morning <\/span><span style=\"\">as the foreign <\/span><span style=\"font-weight:400;\">press speculates about the likelihood of a fourth devaluation. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Further signs that a fourth devaluation is in the offing: <\/span><span style=\"\">CIB\u2019s depository receipts on<\/span><span>the London Stock Exchange are trading at their highest discount to the bank\u2019s EGX-listed shares since August 2016 \u2014 another sign that markets are pricing in a fourth currency devaluation, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-12\/egypt-bank-shares-abroad-signal-expectation-of-pound-devaluation\" style=\"\">Bloomberg<\/a><\/span><span> reports. The bank\u2019s GDRs close<\/span><span style=\"\">d <\/span><span style=\"\">29%<\/span><span style=\"\"> b<\/span><span>elow its s<\/span><span>hare price on the EGX <\/span><span style=\"font-weight:400;\">yesterday, reflecting building pressure on the EGP amid a continued shortage of foreign currency. \u201cThe unwillingness to move to a fully flexible currency means another chunky devaluation is coming,\u201d Bloomberg quotes Tellimer strategist Hasnain Malik as saying. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EGP falls furt<\/span><span style=\"font-weight:700\">her in the derivatives markets:<\/span><span> Twelve-month non-deliverable forwards this week have the EGP hitting 41.60 to the USD, up from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91b6b821-44d3-4684-9585-0a9bff85c745\" style=\"\">EGP 41.00<\/a><\/span><span> last week, according to Bloomberg. Meanwhile, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/bit.ly\/3KsBjbT\" style=\"\">Al Arabiya<\/a><\/span><span> reports that the USD is currently trading at 35.40 in the parallel market. The official rate has remained at 30.96 for <\/span><span>more than a month<\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egypt\u2019s USD bonds fall sharply: <\/span><span>Egypt\u2019s USD-denominated bonds, including the benchmark issue due to mature in 2025, fell more than 2.2 cents in trading yesterday, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/markets\/fixed-income\/egypts-dollar-denominated-government-bonds-tumble-tradeweb-data-xk0t05qm\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\"> reports, citing Tradeweb data.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AND- Some business leaders are voicing skepticism<\/span><span style=\"\"> about the governm<\/span><span>ent\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\">plans<\/a><\/span><span> to reduce its economic footprint. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/egypt-economy-military-private-business-imf-reform-841ecf1a9fdda0554f91bfead210901d\" style=\"\">Associated Press<\/a><\/span><span>)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg says markets are pricing in a fourth EGP devaluation<\/p>\n","protected":false},"author":1,"featured_media":585283,"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":[7233],"tags":[104,1419,72,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-egypt-in-the-news","tag-economy","tag-egp","tag-enterpriseam","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"e2529088-85a9-43dd-a161-a14fb7bc084f","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/598.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Foreign press predicts currency devaluation in Egypt on 13 April, 2023","related_issue":[585267],"teaser":"Bloomberg says markets are pricing in a fourth EGP devaluation","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.f0343bfb-1e08-4d3b-93b7-f3a4ec6409c9.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The story got attention from Bloomberg, Reuters, and the Washington Post. The economy also got a\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1443.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585402,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/more-deval-talk-in-the-foreign-press\/","url_meta":{"origin":585282,"position":1},"title":"More deval talk in the foreign press","author":"enterpriseam admin","date":"18 April 2023","format":false,"excerpt":"Non-deliverable forwards inch down again","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/687.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615126,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/13\/more-speculation-on-the-egp-devaluation\/","url_meta":{"origin":585282,"position":2},"title":"More speculation on the EGP devaluation","author":"enterpriseam admin","date":"13 February 2024","format":false,"excerpt":"Bloomberg\u2019s two cents on Egypt\u2019s anticipated currency devaluation: The news outlet sees the central bank devaluing the EGP before the start of Ramadan \u2014 expected to start 11 March. And as eyes remain fixated on Egypt and when its currency will officially weaken, Bloomberg points to the narrowing gap between\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1025.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609398,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/central-bank-of-egypt-holds-interest-rates-steady-2\/","url_meta":{"origin":585282,"position":3},"title":"Central Bank of Egypt holds interest rates steady","author":"enterpriseam admin","date":"5 November 2023","format":false,"excerpt":"This was the last policy meeting before the presidential election in December, after which the CBE is expected to devalue the currency for a fourth time","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1388.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544819,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/central-banks-rate-hike-devaluation-and-the-impact-of-war-on-our-wheat-supply-are-all-preoccupying-the-international-press-this-morning\/","url_meta":{"origin":585282,"position":4},"title":"Central bank\u2019s rate hike, devaluation and the impact of war on our wheat supply are all preoccupying the international press this morning","author":"enterpriseam admin","date":"22 March 2022","format":false,"excerpt":"Leading the conversation on Egypt in the foreign press: The Central Bank of Egypt\u2019s decision to raise interest rates by 100 bps. The bold move is broadly being welcomed by investors and is seen by analysts as part of the fiscal and monetary response required to address the repercussions of\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581490,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/food-prices-hit-record-high-on-january-devaluation\/","url_meta":{"origin":585282,"position":5},"title":"Food prices hit record high on January devaluation","author":"enterpriseam admin","date":"12 February 2023","format":false,"excerpt":"Inflation hit a fresh five-year high in January on the back of a record increase in food prices due to the devaluation of the EGP. Figures released on Thursday by state statistics agency Capmas showed that annual urban inflation jumped to 25.8% y-o-y in January, up from 21.3% the month\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/Market-1600.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\/585282","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=585282"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/585282\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/585267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/585283"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=585282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=585282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=585282"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=585282"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=585282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}