{"id":587699,"date":"2023-05-31T00:00:00","date_gmt":"2023-05-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/31\/local-currency-debt-to-be-euroclearable-this-year-maait\/"},"modified":"2023-05-31T00:00:00","modified_gmt":"2023-05-31T00:00:00","slug":"local-currency-debt-to-be-euroclearable-this-year-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/31\/local-currency-debt-to-be-euroclearable-this-year-maait\/","title":{"rendered":"Local-currency debt to be euroclearable this year -Maait"},"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\">Our local debt could be 'Euroclearable' by the end of the year: <\/span><span style=\"\">The Finance Ministry is <\/span><span>aiming to iron out the final details of its link-up with Belgium-based clearinghouse Euroclear before the end of 2023, Finance Minister<\/span><span>Mohamed Maait told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/29\/1672874\" style=\"\">Al Borsa<\/a><\/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\">It\u2019s been a long time coming: <\/span><span>The government has been working to meet Euroclear\u2019s conditions since signing the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/20\/egypt-signs-agreement-with-euroclear\/\" style=\"\">initial agreement<\/a><\/span><span> back in 2019. Last we heard, the ministry was expecting to iron out a final \u201ctechnical point\u201d and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11eb3081-75f6-433f-b7b0-62d2c029fe7a\" style=\"\">seal the agreement<\/a><\/span><span>in 2H 2022 after multiple delays. <\/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\">Why we care: <\/span><span style=\"font-weight:400;\">Having local debt cleared in Europe will make EGP bonds more accessible to foreign investors, who can currently only access the market through a small number of local banks. Making it easier for foreign funds to invest should translate into greater inflows into Egyptian debt.  <\/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\">The new clearing company is already operational: <\/span><span>The <\/span><span>Egyptian Central Securities Depository (ECSD) has already taken over the settlement of treasury bonds from Misr Central Clearing, Depository, and Registry (MCDR), <\/span><span>the newspaper reports<\/span><span style=\"font-weight:400;\">. ECSD will also begin clearing treasury bills from the Central Bank of Egypt (CBE) by August.<\/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\">REFRESHER- <\/span><span>The new clearing company <\/span><span>\u2014 which is 70% owned by the CBE and 30% owned by the Finance Ministry \u2014  was established <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ba5c1ae-4242-4dbb-8154-acbe730eb8bd\" style=\"\">last year<\/a><\/span><span>in a key step towards meeting Euroclear\u2019s conditions. It will be responsible for managing registration, deposit, and settlement procedures for government debt instruments.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new clearinghouse will settle treasuries by August<\/p>\n","protected":false},"author":1,"featured_media":587700,"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":[7274],"tags":[88,72,714,276,277],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-euroclear","tag-finance-ministry","tag-mohamed-maait","wpautop","entry"],"acf":{"mongo_id":"75e6d59d-9599-46cf-bf42-b6c1637c4954","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1702.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian debt to be euroclearable by the end of the year -finance minister","related_issue":[587692],"teaser":"The new clearinghouse will settle treasuries by August","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.a7cd09b2-348e-40f6-bb21-663793e2cfea.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 delegation sat down with Misr\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1593.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543388,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/were-looking-to-join-euroclear-during-2h2022-another-round-of-green-bonds\/","url_meta":{"origin":587699,"position":1},"title":"We\u2019re looking to join Euroclear during 2H2022 + Another round of green bonds","author":"enterpriseam admin","date":"31 January 2022","format":false,"excerpt":"We likely won\u2019t join Euroclear until 2H2022: Local Egyptian debt probably won\u2019t be made \u201cEuroclearable\u201d until the second half of 2022 due to an unresolved \u201ctechnical point\u201d between the government and the Belgium-based clearinghouse, Finance Minister Mohamed Maait told CNBC Arabia (watch, runtime: 5:26).Why is Euroclear a big thing for\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/538.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556514,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/28\/egypt-needs-to-fix-withholding-tax-calculation-to-get-euroclearable-status\/","url_meta":{"origin":587699,"position":2},"title":"Egypt needs to fix withholding tax calculation to get Euroclearable status","author":"enterpriseam admin","date":"28 October 2021","format":false,"excerpt":"A tax calculation issue could be the reason behind slow progress on Euroclearable debt: An issue in how Egypt calculates the withholding tax on government securities is what\u2019s been delaying making the country\u2019s debt Euroclearable, Euroclear head of global capital markets Sudip Chatterjee said yesterday during Saudi\u2019s ongoing FII conference,\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":603083,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/egyptian-securities-to-be-euroclearable-in-six-months-time\/","url_meta":{"origin":587699,"position":3},"title":"Egyptian securities to be Euroclearable in six months\u2019 time","author":"enterpriseam admin","date":"15 April 2019","format":false,"excerpt":"Egypt eyes \u201ceuroclearable\u201d sovereign debt issuance in September: The government is looking to announce a sovereign debt issuance that can be cleared through Belgium-based clearinghouse Euroclear by late September, Finance Minister Mohamed Maait told Reuters. The minister had said over the weekend that the Finance Ministry has signed an MoU\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598034,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/13\/euroclear-is-looking-to-tap-domestic-banks-to-help-settle-government-debt\/","url_meta":{"origin":587699,"position":4},"title":"Euroclear is looking to tap domestic banks to help settle government debt","author":"enterpriseam admin","date":"13 May 2019","format":false,"excerpt":"EXCLUSIVE- Euroclear is looking to tap domestic banks to help settle government debt: Belgium-based clearinghouse Euroclear is to select a number of local banks from among primary dealers to assist in the settlement of government debt, a senior government official told Enterprise. Chosen banks will be among those with the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568337,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/27\/one-step-closer-to-being-euroclearable\/","url_meta":{"origin":587699,"position":5},"title":"One step closer to being Euroclearable","author":"enterpriseam admin","date":"27 December 2020","format":false,"excerpt":"The new central clearing and depository company that will handle all the clearing and registry of government debt issuances earned Prime Minister Moustafa Madbouly\u2019s final sign-off, according to an official decision published in the Official Gazette on Thursday. Cabinet had approved the establishment of the new central clearing and depository\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/438.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\/587699","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=587699"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587699\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587692"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587700"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587699"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587699"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}