{"id":598426,"date":"2019-05-26T03:59:37","date_gmt":"2019-05-26T03:59:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/"},"modified":"2019-05-26T03:59:37","modified_gmt":"2019-05-26T03:59:37","slug":"egp-hits-fresh-two-year-highs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/","title":{"rendered":"EGP hits fresh two-year highs"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <b>EGP hits fresh two-year high, breaking the EGP 17 \/ USD 1 barrier:<\/b> The EGP rose to a new two-year high against the greenback on Thursday, advancing to 16.9317 from 17.0500 on Wednesday, <a href=\"https:\/\/www.cbe.org.eg\/en\/EconomicResearch\/Statistics\/Pages\/ExchangeRatesListing.aspx\">central bank data shows<\/a>. The EGP has risen 5.7% against the USD since the beginning of the year, becoming <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-05-23\/world-s-best-carry-trade-here-to-stay-as-egypt-delays-rate-cuts\">one of the world\u2019s best-performing currencies<\/a>.<\/p>\n<p><b>The rally is being driven primarily by continued USD inflows into government debt instruments<\/b> and a pickup in tourism receipts, Radwa Elswaify, head of research at Pharos, told Enterprise. Tourism revenues have grown rapidly over the past year, <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/08\/egypts-tourism-revenues-grew-50-y-o-y-to-usd-11-4-bn-in-2018\/\">rising 50% to EGP 11.4 bn<\/a> in 2018, while foreign holdings of government treasuries have surged since the currency float, reaching <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/15\/foreign-holdings-of-egyptian-treasuries-rise-to-usd-14-6-bn-in-february\/\">USD 14.6 bn<\/a> in February, up from just <a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2019\/05\/Bulletin_2017_2_Feb.20172.pdf\">USD 1.28 bn (pdf)<\/a> at the start of 2017.<\/p>\n<p><b>The EGP is bucking the trend in EM currencies:<\/b> Growing fears of a prolonged US-China trade conflict have caused other emerging-market currencies to suffer an extended period of losses over the past month. The <a href=\"https:\/\/uk.investing.com\/indices\/msci-intl-em-currency\">MSCI EM currency index<\/a> has erased its 2019 gains and now sits at its lowest level since late-December as investors move to safe-haven assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EGP hits fresh two-year high, breaking the EGP 17 \/ USD 1 barrier: The EGP rose to a new two-year high against the greenback on Thursday, advancing to 16.9317 from 17.0500 on Wednesday, central bank data shows. The EGP has risen 5.7% against the USD since the beginning of the year, becoming one of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":598427,"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":[8572],"tags":[380,1419,72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-currencies","tag-egp","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b26016d9-018c-4d18-afbe-7bc733889913","is_powered_by":true,"section_story_id":"14ba8c19-6ce7-4539-bdb8-80bb70fa74ef","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/5\/763.jpg","photo_position":"above","related_issue":[598419],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EGP hits fresh two-year highs - 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\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGP hits fresh two-year highs\" \/>\n<meta property=\"og:description\" content=\"EGP hits fresh two-year high, breaking the EGP 17 \/ USD 1 barrier: The EGP rose to a new two-year high against the greenback on Thursday, advancing to 16.9317 from 17.0500 on Wednesday, central bank data shows. The EGP has risen 5.7% against the USD since the beginning of the year, becoming one of the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-26T03:59:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/5\/763.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EGP hits fresh two-year highs\",\"datePublished\":\"2019-05-26T03:59:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/\"},\"wordCount\":185,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/5\/763.jpg?fit=%2C&ssl=1\",\"keywords\":[\"currencies\",\"EGP\",\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/\",\"name\":\"EGP hits fresh two-year highs - 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The EGP hit fresh two-year highs against the greenback last week, breaking the EGP\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":569016,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/11\/egp-surges-to-new-three-year-highs-against-the-greenback\/","url_meta":{"origin":598426,"position":1},"title":"EGP surges to new three-year highs against the greenback","author":"enterpriseam admin","date":"11 February 2020","format":false,"excerpt":"CURRENCY WATCH- EGP surges to new three-year highs against the greenback: The EGP rallied yesterday to its highest value against the USD since it was floated three years ago as part of the country\u2019s IMF-backed economic reform program, Reuters reports. The greenback was changing hands at EGP 15.67 yesterday. 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\/2020\/2\/144.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602052,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/egp-hits-two-year-high-against-the-usd\/","url_meta":{"origin":598426,"position":2},"title":"EGP hits two-year high against the USD","author":"enterpriseam admin","date":"18 March 2019","format":false,"excerpt":"EGP hits two-year high against the USD: The EGP is continuing its seven-week rally against the greenback, hitting a two-year high of EGP 17.35 : USD 1 yesterday. The EGP was at 17.92 on 27 January. \u201cYou\u2019re seeing most of the indicators improving,\u201d Hany Farahat, senior economist at CI Capital,\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\/12\/17.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591779,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/egypts-pound-rallies-to-near-three-year-high-breaking-egp-16-usd-1-barrier\/","url_meta":{"origin":598426,"position":3},"title":"Egypt\u2019s pound rallies to near three-year high, breaking EGP 16 \/ USD 1 barrier","author":"enterpriseam admin","date":"17 December 2019","format":false,"excerpt":"EGP rallies to near three-year high: The EGP rose to its highest level since February 2017 against the USD, breaking the EGP 16 barrier to reach EGP 15.97 yesterday, central bank data shows. The EGP has risen 10.1% against the USD since the beginning of the year, according to Al\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\/4\/EGP-USD-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571634,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/19\/egp-eases-to-three-month-lows-against-the-greenback\/","url_meta":{"origin":598426,"position":4},"title":"EGP eases to three-month lows against the greenback","author":"enterpriseam admin","date":"19 May 2020","format":false,"excerpt":"EGP WATCH- EGP eases to three-month lows against the greenback: The EGP dipped yesterday to its lowest level against the USD since early February, according to Refinitiv data picked up by Reuters. The currency fell to intraday lows of 15.83 from 15.72 at the start of the session. Central bank\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":594315,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/27\/egypts-pound-rallies-to-new-two-and-a-half-year-high-approaching-egp-16-usd-1-barrier\/","url_meta":{"origin":598426,"position":5},"title":"Egypt\u2019s pound rallies to new two-and-a-half year high, approaching EGP 16 \/ USD 1 barrier","author":"enterpriseam admin","date":"27 October 2019","format":false,"excerpt":"EGP rallies to new two-and-a-half year high: The EGP rose to a new two-and-a-half year high against the greenback, hitting EGP 16.10 from EGP 16.12 on Wednesday, central bank data shows. The EGP has risen 9.9% against the USD since the beginning of the year, including a 2.4% gain in\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\/12\/17.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\/598426","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=598426"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598426\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598427"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598426"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598426"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}