{"id":604356,"date":"2018-12-02T04:14:45","date_gmt":"2018-12-02T04:14:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/02\/end-of-special-fx-repatriation-mechanism-is-boon-for-egypt-banking-sector\/"},"modified":"2018-12-02T04:14:45","modified_gmt":"2018-12-02T04:14:45","slug":"end-of-special-fx-repatriation-mechanism-is-boon-for-egypt-banking-sector","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/02\/end-of-special-fx-repatriation-mechanism-is-boon-for-egypt-banking-sector\/","title":{"rendered":"End of special FX repatriation mechanism is boon for Egypt banking sector"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <b>End of CBE\u2019s special repatriation mechanism is a boon for banks, says industry:<\/b> The <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/29\/cbe-to-terminate-forex-repatriation-mechanism-on-4-december\/\">CBE\u2019s decision<\/a> to terminate its parallel foreign exchange repatriation mechanism for new portfolio investments starting 4 December is receiving so much positive attention from the banking sector, it would have received a \u201ccertified fresh\u201d from Rotten Tomatoes had it been a film.<\/p>\n<p><b>The bottom line: The move will drive much-needed USD liquidity into the banking sector, <\/b>allowing banks rebuild their positions, Beltone Financial writes, noting that \u201cthe banking sector[\u2018s net foreign assets] continue to weaken, registering a deficit of USD 3.95 bn in September, up from a deficit of USD 2.3 bn in August.\u201d Shuaa Capital concurs, but with a caveat, saying in a report out on Thursday, \u201cWe believe this will revive banks\u2019 net foreign assets in the near term but highly subject to international investors\u2019 appetite for Egyptian assets and net trading position as net buyers \/ sellers.\u201d <b>Sell-side analysts universally saw the decision as expected. <\/b><\/p>\n<p><b>Background: <\/b><a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/28\/foreigners-dump-egyptian-debt-for-seventh-month-in-a-row-more-speculation-that-state-banks-are-propping-up-the-egp\/\">\u00a0A growing number of analysts<\/a> have been suggesting that the central bank has been pushing banks to prop up the EGP amid outflows of hot money. Arqaam Capital <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/08\/how-much-longer-can-the-banking-system-support-fx-outflows-without-the-central-bank-releasing-some-reserves\/\">had warned last month<\/a> that banks are now \u201cless shock absorbent for a future devaluation\u201d of the EGP (however unlikely at this stage) and need fresh inflows of FX to continue acting as shock absorbers. Providing a single mechanism through the interbank system by which investors can bring USD into and out of the country will drive more FX liquidity to banks.<\/p>\n<p><b>The timing of Thursday\u2019s announcement was interesting<\/b>, coming as it did after a rough period for banking stocks. Shares in publicly traded banks plunged after the government moved to amend the tax treatment of income from state bonds. Thursday\u2019s trading saw select private sector bank stocks gain moderately or remain flat, following <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/27\/egypts-benchmark-egx30-extends-losses-to-a-fifth-straight-day\/\">a number of days last week<\/a> of across-the-board declines in stock values. CIB\u2019s shares rose 0.6% and ADIB shares were up 0.4%, while Faisal Islamic Bank rose 1.7%. Other major private sector banks, including QNB and Credit Agricole, were flat.<\/p>\n<p><b>Those proposed changes to the tax treatment of bank holdings of treasuries? They\u2019re likely to spur private lending<\/b>, <a href=\"https:\/\/www.reuters.com\/article\/us-egypt-economy\/egyptian-tax-change-could-spur-banks-to-step-up-private-lending-idUSKCN1O03A6\">Reuters reports<\/a>. Banks will be prompted to \u201cboost credit to the private sector\u201d at the same time as the move forces up yields on treasury debt, the newswire says, noting that \u201cEgyptian banks have for years been top-heavy on government lending at the expense of the private sector.\u201d <b>They\u2019re not wrong, but the issue here is not bank appetite to lend to the private sector: <\/b>It\u2019s private-sector demand. Businesses faced with credit-card interest rates on capex are simply opting not to borrow. Banks, for their part, would have happily allocated funds to both state paper and private borrowers had the market for the latter been there.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>End of CBE\u2019s special repatriation mechanism is a boon for banks, says industry: The CBE\u2019s decision to terminate its parallel foreign exchange repatriation mechanism for new portfolio investments starting 4 December is receiving so much positive attention from the banking sector, it would have received a \u201ccertified fresh\u201d from Rotten Tomatoes had it been a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":604357,"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":[204,812,72,814,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking","tag-beltone-financial","tag-enterpriseam","tag-shuaa-capital","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"88ef3af6-d062-4512-8ed1-bcaabc8b4f78","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/935.png","photo_position":"above","related_issue":[604347],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Fitch had in July revised its outlook for the banking sector from negative to stable, \u201creflecting the stable outlook on the operating environment,\u201d according to the report.What\u2019s\u2026","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/83.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591469,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/08\/egypts-egp-150-bn-industry-mortgage-support-initiatives-positive-for-egp-stability-real-estate-sector-beltone\/","url_meta":{"origin":604356,"position":2},"title":"Egypt\u2019s EGP 150 bn industry, mortgage support initiatives positive for EGP stability + real estate sector -Beltone","author":"enterpriseam admin","date":"8 December 2019","format":false,"excerpt":"Gov\u2019t\u2019s EGP 150 bn industry, mortgage support initiatives positive for EGP stability + real estate sector -Beltone: The government and the central bank\u2019s EGP 100 subsidized initiative to provide subsidized loans for mid-sized manufacturers and a EGP 50 bn middle-income mortgage program are expected to be a boon for 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\/2019\/12\/CBE-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":635347,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/cbe-sets-1-entrance-fee-on-fx-investments-through-foreign-repatriation-mechanism\/","url_meta":{"origin":604356,"position":3},"title":"CBE sets 1% entrance fee on FX investments through foreign repatriation mechanism","author":"enterpriseam admin","date":"3 December 2017","format":false,"excerpt":"CBE sets 1% entrance fee on foreign currency portfolio investments through repatriation mechanism: The Central Bank of Egypt announced that a 1% \u201centrance fee\u201d will be put in place for fresh foreign currency portfolio investments that enter via the repatriation mechanism starting from today. \u201cThe application of the entrance fee\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":656191,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/01\/egypts-net-foreign-assets-fell-by-11-to-usd-9-2-bn-in-october\/","url_meta":{"origin":604356,"position":4},"title":"Egypt\u2019s net foreign assets fell by 11% to USD 9.2 bn in October","author":"enterpriseam admin","date":"1 December 2024","format":false,"excerpt":"Net foreign asset deficit in commercial 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