{"id":600496,"date":"2019-01-31T04:03:39","date_gmt":"2019-01-31T04:03:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/31\/egp-to-remain-stable-through-2019-says-goldman-sachs\/"},"modified":"2019-01-31T04:03:39","modified_gmt":"2019-01-31T04:03:39","slug":"egp-to-remain-stable-through-2019-says-goldman-sachs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/31\/egp-to-remain-stable-through-2019-says-goldman-sachs\/","title":{"rendered":"EGP to remain stable through 2019, says Goldman Sachs"},"content":{"rendered":"

<\/a> Don\u2019t expect the EGP to continue to strengthen this year \u2014 in fact, it could slip a little. <\/b>The EGP was more or less stable against the USD<\/a> on Wednesday, closing at 17.57 from 17.58 at close the previous day as the currency held its ground after gaining around 2% against the greenback earlier in the week. Central Bank Governor Tarek Amer had told Bloomberg<\/a> last week that some volatility in the EGP-USD exchange rate was to be expected.<\/p>\n

The EGP gained this week as foreign holdings of Egyptian debt rose to USD 12 bn<\/b> this month as investors regained their appetite for local securities, government sources told Al Mal<\/a>. The Finance Ministry said on Tuesday that foreigners, who had pulled about USD 10 bn out of Egypt during the emerging markets selloff, scooped all 5-year bonds<\/a> offered this week in a sign of Egyptian debt regaining attractiveness. Sources tell the newspaper that foreigners bought EGP 400 mn in treasuries this week alone.<\/p>\n

Don\u2019t count on much volatility in the EGP this year, says Goldman Sachs:<\/b> Writing in a research note, the investment bank says it doesn\u2019t see much volatility in the USD-EGP exchange rate going forward. An improving current account position will help to support the EGP against downward pressures over the medium term, according to analysis from Goldman. Falling fuel imports, a gradual recovery in the tourism sector and steady remittance inflows will push the current account into surplus territory in FY2019-20, \u201cremoving any downside pressure on the nominal exchange rate,\u201d the investment bank writes.<\/p>\n

But expect a steady REER appreciation: <\/b>Although the current account movement should keep the EGP on track, the real effective exchange rate will appreciate as inflation in Egypt continues to exceed that of its trading partners. Goldman\u2019s model suggests the EGP \u201cis now fairly valued and, under our inflation projections, should weaken from here by around 8% per year over the next three years.\u201d<\/p>\n

Weak FDI could put pressure on the currency, says our friend Ahmed Badr at Credit Suisse: <\/b>The EGP could come under pressure if foreign investment levels do not pick up, Ahmed Badr, Middle East managing director at Credit Suisse, told Bloomberg. \u201cWe\u2019ve reached a new cycle where we need to shift from the T-bill trade into actual investments, but that hasn\u2019t happened yet,\u201d he said. \u201cIf that continues, will it actually affect the currency? The answer is yes.\u201d You can catch Badr\u2019s full appearance in the last 15 minutes of the show (watch: 1:26:56<\/a>), where he dives deep into Egypt, Saudi and the UAE.<\/p>\n","protected":false},"excerpt":{"rendered":"

Don\u2019t expect the EGP to continue to strengthen this year \u2014 in fact, it could slip a little. The EGP was more or less stable against the USD on Wednesday, closing at 17.57 from 17.58 at close the previous day as the currency held its ground after gaining around 2% against the greenback earlier in […]<\/p>\n","protected":false},"author":1,"featured_media":600497,"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":[72,103,2234,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-fdi","tag-foreign-exchange","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"fe5add70-3ac0-4dbc-a32e-edd3e7180649","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/1\/1850.jpg","photo_position":"above","related_issue":[600491],"teaser":"","voice_url":""},"yoast_head":"\nEGP to remain stable through 2019, says Goldman Sachs - 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\/31\/egp-to-remain-stable-through-2019-says-goldman-sachs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGP to remain stable through 2019, says Goldman Sachs\" \/>\n<meta property=\"og:description\" content=\"Don\u2019t expect the EGP to continue to strengthen this year \u2014 in fact, it could slip a little. The EGP was more or less stable against the USD on Wednesday, closing at 17.57 from 17.58 at close the previous day as the currency held its ground after gaining around 2% against the greenback earlier in […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/31\/egp-to-remain-stable-through-2019-says-goldman-sachs\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-31T04:03:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/1\/1850.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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/31\/egp-to-remain-stable-through-2019-says-goldman-sachs\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/31\/egp-to-remain-stable-through-2019-says-goldman-sachs\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EGP to remain stable through 2019, says Goldman Sachs\",\"datePublished\":\"2019-01-31T04:03:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/31\/egp-to-remain-stable-through-2019-says-goldman-sachs\/\"},\"wordCount\":431,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/31\/egp-to-remain-stable-through-2019-says-goldman-sachs\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/1\/1850.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"FDI\",\"foreign exchange\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/31\/egp-to-remain-stable-through-2019-says-goldman-sachs\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/31\/egp-to-remain-stable-through-2019-says-goldman-sachs\/\",\"name\":\"EGP to remain stable through 2019, says Goldman Sachs - 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The EGP hit fresh two-year highs against the greenback last week, breaking the EGP\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":602052,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/egp-hits-two-year-high-against-the-usd\/","url_meta":{"origin":600496,"position":1},"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 "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\/12\/17.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":603355,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/21\/egp-continues-strengthening-against-usd\/","url_meta":{"origin":600496,"position":2},"title":"EGP continues strengthening against USD","author":"enterpriseam admin","date":"21 April 2019","format":false,"excerpt":"EGP continues to strengthen against the USD: The EGP has extended its 11-week rally against the greenback, gaining another EGP 0.11 in the past week, according to central bank data. The exchange rate hit EGP 17.25 to the USD on Thursday, the strongest showing for the EGP since March 2017.Look\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\/2019\/4\/EGP-USD-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","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":600496,"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":598696,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/egypts-customs-exchange-rate-remains-unchanged-despite-strengthening-egp\/","url_meta":{"origin":600496,"position":4},"title":"Egypt\u2019s customs exchange rate remains unchanged despite strengthening EGP","author":"enterpriseam admin","date":"2 June 2019","format":false,"excerpt":"Customs exchange rate left unchanged despite strengthening EGP: The Finance Ministry left the discounted customs exchange rate for essential imports unchanged at EGP 16 for June despite the recent uptick of the EGP against the USD, according to a Customs Authority circular (pdf). An anonymous government official told Youm7 last\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":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":600496,"position":5},"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 "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\/2019\/4\/EGP-USD-1600px.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\/600496","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=600496"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600496\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600491"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/600497"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600496"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600496"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}