{"id":600248,"date":"2019-01-23T04:02:08","date_gmt":"2019-01-23T04:02:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/23\/central-bank-of-egypt-committed-to-liberalized-fx-market-egp-will-see-volatility-natural-amer-says\/"},"modified":"2019-01-23T04:02:08","modified_gmt":"2019-01-23T04:02:08","slug":"central-bank-of-egypt-committed-to-liberalized-fx-market-egp-will-see-volatility-natural-amer-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/23\/central-bank-of-egypt-committed-to-liberalized-fx-market-egp-will-see-volatility-natural-amer-says\/","title":{"rendered":"Central Bank of Egypt committed to liberalized FX market, EGP will see volatility natural, Amer says"},"content":{"rendered":"

<\/a> We\u2019re going to see more volatility in the EGP exchange rate, central bank\u2019s Amer says: <\/b>You can expect to see the long-stable EGP move around a bit against key currencies after the scrapping of a parallel central bank mechanism that guaranteed foreign investors could repatriate FX, CBE Governor Tarek Amer told Bloomberg yesterday<\/a>. The CBE wound-down last month<\/a> its parallel foreign exchange repatriation mechanism for new portfolio investment, although those already invested here though the system can continue to use it until they wind down their positions. The mechanism was in place as a confidence-boosting measure but is no longer needed after Egypt rebuilt its reserves in the two years after the float of the EGP.<\/p>\n

While the EGP can now move more freely, there\u2019s downward pressure<\/b>. The scrapping of the parallel mechanism, alongside the Finance Ministry\u2019s scrapping of the discounted customs exchange rate for non-essential imports, could help put downward pressure on the EGP, Capital Economics recently suggested<\/a>, saying that the next move could see \u201ca reduction of backdoor FX intervention.\u201d The EGP is set to slide modestly against the greenback by year-end<\/b>, the researchers noted.<\/p>\n

Was the CBE propping up the currency? <\/b>There had been speculation, initially from Capital Economics<\/a> and soon after by Reuters<\/a>, that the CBE was pushing state-owned banks to prop up the EGP. Despite last year\u2019s emerging markets selloff, the currency was stuck at around EGP 18 to the greenback.<\/p>\n

Amer is adamant the central bank isn\u2019t intervening to protect the EGP:<\/b> The bank is committed to a liberalized foreign exchange market, but \u201cwe have reserves that help us to confront any speculators or disorderly market practices,\u201d Amer said. Reserves are used as a means of supporting the new currency regime, which is also meant to maintain attractive yields for foreign debt holders, he added. Egypt\u2019s improved FX reserves position and a healthier current account \u2014 higher remittances<\/a>, travel receipts and exports<\/a>, and stable credit rating<\/a>, as well as a strategy to diversify financing sources \u2014 helped the EGP stay upright, he noted. \u201cA lack of financial derivatives in the market had also offered shelter.\u201d<\/p>\n

The wider EM sell-off saw us losing some USD 10 bn in outflows<\/b>, but Egypt has a stock of portfolio investments north of USD 10 bn, Amer also said, adding that January is set to be the first month of net positive inflows for Egypt since May 2018<\/b>.<\/p>\n

Egypt expects to receive the next tranche of the USD 12 bn IMF loan in late January or early February<\/b>, saying \u201cwe\u2019ve agreed on everything. The reform program is on schedule and we are committed to completing it successfully.\u201d Keep an eye here<\/a> on the agenda for the IMF board\u2019s upcoming meetings for the next clue on a date.<\/p>\n

The CBE is pulling out all the stops to maintain foreign reserves:<\/b> It extended the tenor of USD 2 bn zero-interest deposit from Saudi Arabia that was due last July for another year, but with 3% interest, Al Mal reports<\/a>. The Central Bank also agreed to restructure the tenor of another USD 2 bn of Saudi deposits that should have been repaid over three yearly installments starting April 2018; payments will instead begin in 2019. That\u2019s good news for foreign reserve watchers, who saw the country\u2019s stock of USD fall in December for the first time since it floated the currency<\/a> in November 2016. Reserves eased to USD 44.513 bn<\/b> on the back of year-end interest payments made to foreign t-bill investors as well as interest payments and arrears owed to other countries.<\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019re going to see more volatility in the EGP exchange rate, central bank\u2019s Amer says: You can expect to see the long-stable EGP move around a bit against key currencies after the scrapping of a parallel central bank mechanism that guaranteed foreign investors could repatriate FX, CBE Governor Tarek Amer told Bloomberg yesterday. The CBE […]<\/p>\n","protected":false},"author":1,"featured_media":600249,"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":[2415,115,72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-economic-reform-program","tag-emerging-markets","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"977e3c02-3e8b-4d50-a842-0a6fd8361bed","is_powered_by":true,"section_story_id":"d84b56a4-ea55-42fa-8b1e-dbf5b539a8cb","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/345.jpg","photo_position":"above","related_issue":[600241],"teaser":"","voice_url":""},"yoast_head":"\nCentral Bank of Egypt committed to liberalized FX market, EGP will see volatility natural, Amer says - 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\/01\/23\/central-bank-of-egypt-committed-to-liberalized-fx-market-egp-will-see-volatility-natural-amer-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Bank of Egypt committed to liberalized FX market, EGP will see volatility natural, Amer says\" \/>\n<meta property=\"og:description\" content=\"We\u2019re going to see more volatility in the EGP exchange rate, central bank\u2019s Amer says: You can expect to see the long-stable EGP move around a bit against key currencies after the scrapping of a parallel central bank mechanism that guaranteed foreign investors could repatriate FX, CBE Governor Tarek Amer told Bloomberg yesterday. 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repatriation mechanism next week: The central bank will terminate the foreign exchange repatriation mechanism for new portfolio investments starting 4 December, it said in a statement (pdf) that pointed to broadly improved macroeconomic indicators, including an improved foreign reserves\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":651962,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/26\/cbe-governor-tarek-amer-downplays-negative-impact-of-egp-float-touches-on-key-indicators-in-televised-interview\/","url_meta":{"origin":600248,"position":1},"title":"CBE Governor Tarek Amer downplays negative impact of EGP float, touches on key indicators in televised interview","author":"enterpriseam admin","date":"26 February 2017","format":false,"excerpt":"Central Bank of Egypt Governor Tarek Amer sat down for a televised interview with DMC\u2019s Osama Kamal on Friday in which he downplayed the impact of the float of the EGP and denied the central bank had subtly intervened in the market to support the national currency (watch the full\u2026","rel":"","context":"In "Speed Round"","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":628778,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/14\/banking-act-will-be-ready-in-july\/","url_meta":{"origin":600248,"position":2},"title":"Banking Act will be ready in July","author":"enterpriseam admin","date":"14 May 2018","format":false,"excerpt":"LEGISLATION WATCH- Banking Act will be ready in June: The Banking Act will be ready and presented to the Ismail Cabinet on 1 June, CBE Governor Tarek Amer said in at workshop on the economy held by Al Ahram. The law would reduce the power of the CBE governor by\u2026","rel":"","context":"In "Speed Round"","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":600399,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/29\/why-did-the-egp-gain-against-the-greenback-yesterday\/","url_meta":{"origin":600248,"position":3},"title":"Why did the EGP gain against the greenback yesterday?","author":"enterpriseam admin","date":"29 January 2019","format":false,"excerpt":"Connecting the dots: The EGP keeps strengthening, yields keep falling: The EGP continued rising against the USD this week, strengthening to a selling price of 17.70 to the USD from around EGP 18.00 last Wednesday. Simultaneously, yields on Egyptian three- and nine-months T-bills fell at Sunday\u2019s auction to their lowest\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/18.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":652243,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/04\/parallel-market-will-not-magically-disappear-but-banks-in-control-now-amer\/","url_meta":{"origin":600248,"position":4},"title":"Parallel market will not magically disappear, but banks in control now -Amer","author":"enterpriseam admin","date":"4 January 2017","format":false,"excerpt":"The \u201cmagic wand\u201d that was the float of the EGP will not make the parallel market disappear entirely at an instant, CBE Governor Tarek Amer told Al Ahram\u2019s economic paper. The banks are in control of the currency market now, he says, and the impact of the parallel market is\u2026","rel":"","context":"In "Speed Round"","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":648457,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/04\/cbe-has-allocated-usd-23-bn-towards-foreign-trade-since-egp-float\/","url_meta":{"origin":600248,"position":5},"title":"CBE has allocated USD 23 bn towards foreign trade since EGP float","author":"enterpriseam admin","date":"4 April 2017","format":false,"excerpt":"The central bank allocated USD 23 bn to finance foreign trade since the EGP float last November, according to a statement from the Ismail cabinet following a meeting between CBE Governor Tarek Amer and Prime Minister Sherif Ismail on monetary policy. The statement and an official notice from the CBE\u2026","rel":"","context":"In "Speed Round"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600248","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=600248"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600248\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600241"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/600249"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600248"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600248"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}