{"id":585402,"date":"2023-04-18T00:00:00","date_gmt":"2023-04-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/more-deval-talk-in-the-foreign-press\/"},"modified":"2023-04-18T00:00:00","modified_gmt":"2023-04-18T00:00:00","slug":"more-deval-talk-in-the-foreign-press","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/more-deval-talk-in-the-foreign-press\/","title":{"rendered":"More deval talk in the foreign press"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The foreign press is still speculating about the likelihood that we will see another <\/span><span style=\"font-weight:700\">devaluation of the EGP. <\/span><span>Twelve-month non-deliverable forwards hit<\/span><span> EGP 42.80 to the USD on <\/span><span>Thursda<\/span><span>y, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-13\/egypt-pound-hedging-frenzy-unmasks-growing-devaluation-anxiety\" style=\"\">Bloomberg<\/a><\/span><span>. The official rate has remained at <\/span><span>30.94<\/span><span style=\"font-weight:400;\"> for more than a month. The recent drop in non-deliverable forwards for the EGP indicates growing market speculation that the CBE will have to devalue the currency for a fourth time in the coming weeks, the business news outlet says, citing Societe Generale EM strategist Gergely Urmossy. \u201cThere is consensus among market players  \u2014 including myself \u2014 that the EGP will be devalued,\u201d said Urmossy, adding that \u201cthe longer authorities wait with devaluation, the greater the magnitude could be.\u201d <\/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\">Investors in our USD bonds are looking for higher yields: <\/span><span>The spread between Egyptian USD bonds and treasuries stood at <\/span><span>1.2<\/span><span>k bps on Thursday \u2014 only 54 bps lower than the July record high, Bloomberg says, citing data from J<\/span><span>PMorgan. <\/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- Bloomberg\u2019s Bobby Ghosh <\/span><span>has <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2023-04-14\/egypt-s-sisi-has-bigger-problems-than-selling-rockets-to-russia\" style=\"\">opinions<\/a><\/span><span> on the political challenges posed by high inflation. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Non-deliverable forwards inch down again<\/p>\n","protected":false},"author":1,"featured_media":585403,"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":[104,1419,72,2234,182],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-egypt-in-the-news","tag-economy","tag-egp","tag-enterpriseam","tag-foreign-exchange","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"d296ae62-dbd1-41d3-8618-20f731f27338","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/687.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Foreign press discusses chances of further EGP devaluation","related_issue":[585378],"teaser":"Non-deliverable forwards inch down again","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.94307e7f-e2d4-4b1c-bb8d-bacc2ae68691.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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