{"id":615004,"date":"2024-02-11T00:00:00","date_gmt":"2024-02-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/"},"modified":"2024-02-11T00:00:00","modified_gmt":"2024-02-11T00:00:00","slug":"this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/","title":{"rendered":"THIS EVENING: Egypt\u2019s having multiple FX rates is \u201cdisastrous,\u201d says IMF\u2019s Georgieva"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good afternoon, ladies and gentlemen.<\/strong> We\u2019re looking at a busy start to this new week, particularly as we all wait with baited breath for updates on our IMF package.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Georgieva pushes again for unified FX rate:<\/strong> Egypt having multiple exchange rates is \u201cdisastrous,\u201d <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/3bs78b5f\" style=\"\" rel=\"noopener\">Al Arabiya Business<\/a> quotes IMF Managing Director Kristalina Georgieva as saying. Georgieva emphasized the need for Egypt to move in a direction that allows the exchange rate to be determined by market forces and eliminate the parallel market. The IMF chief also added that an agreement over our anticipated loan from the Fund is \u201crelatively close,\u201d and that primary terms of the planned loan have already been agreed following a successful <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31fdb523-76ff-461b-baa0-cad7d851ed96\" style=\"\" rel=\"noopener\">two-week visit<\/a> from an IMF delegation to Cairo last week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The likely rematch between Donald Trump and Joe Biden in the US presidential election <\/strong><strong>is still leading the conversation in the international press this afternoon. <\/strong>Trump may be an inch ahead of Biden, as more Americans trust the former president than the incumbent to manage the economy, according to a <a target=\"_blank\" href=\"https:\/\/globalstrategygroup.app.box.com\/s\/rxksmowktdns4hqwsppiby9ym0tad188\" style=\"\" rel=\"noopener\">poll<\/a>. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e4f30845-24f7-4780-bee4-ae0013b49b4d\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/us-election-biden-trump-uneasy-allies-36e0d605c5fadd2887f6fe4c60f945a1\" style=\"\" rel=\"noopener\">Associated Press<\/a>)<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM:<\/strong><\/p>\n<ul>\n<li><strong>More details regarding a potential Ras El Hekma sale:<\/strong> The government and Talaat Moustafa Group (TMG) could together <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d999a9ad-a279-41c4-92c3-923436f0de45\" style=\"\" rel=\"noopener\">retain a 20% stake<\/a> in the North Coast\u2019s Ras El Hekma after Abu Dhabi takes over the USD 22 bn development of the parcel of seaside land.<\/li>\n<li><strong>Inflation hits a one-year low:<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/175147fe-3a1c-4e80-85f2-916747c0bf6e\" style=\"\" rel=\"noopener\">Inflation eased for the fourth consecutive month<\/a> in January to reach its lowest level in a year on the back of a continued deceleration in food price increases.<\/li>\n<li><strong>We\u2019re not ready for a devaluation, Goldman Sachs says:<\/strong> Under current conditions, it is unlikely that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2db8a13-e154-4bae-ab51-119113f2f611\" style=\"\" rel=\"noopener\">a managed devaluation<\/a> would meet the Madbouly government\u2019s policy objectives.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HELP GAZA-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. About 2 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The folks at Talabat are processing donations for a range of Gaza relief appeals <\/strong>by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Or check out <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/f8ce0f50-10c2-4cca-8e6f-64c32a5c90b7\" style=\"\" rel=\"noopener\">our list of charities<\/a><\/strong><strong> to which you can make direct donations<\/strong> via bank deposit and \/ or Fawry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"web-image-inner\"><img data-recalc-dims=\"1\" decoding=\"async\" style=\"display: block\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/03\/Inside-Industry-en-WEB-1600x584-v5-03-1.jpg\" alt=\"enterprise\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Inside Industry day \u2014<\/strong><strong>your weekly briefing of all things industrial in Egypt.<\/strong> Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue:<\/strong> Egypt\u2019s trade deficit narrowed in 2023 as imports fell y-o-y and exports remained more or less stable. We take a look at how our non-oil trade fared during the year, which was marked with our ongoing FX shortage. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2601\ufe0f <\/strong><strong>TOMORROW\u2019S WEATHER- <\/strong>Look out for a gloomy day starting with a low of 12\u00b0C before warming up to a high of 25\u00b0C, according to our favorite weather app.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, ladies and gentlemen. We\u2019re looking at a busy start to this new week, particularly as we all wait with baited breath for updates on our IMF package. THE BIG STORY TODAY Georgieva pushes again for unified FX rate: Egypt having multiple exchange rates is \u201cdisastrous,\u201d Al Arabiya Business quotes IMF Managing Director Kristalina [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":615005,"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":[7213],"tags":[633,272,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-imf","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"c86b71f2-2f06-4980-9481-5a79ad8a9685","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/863.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[615002],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.62b52d32-2232-4636-9810-f4d1050f3644.mp3"},"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>THIS EVENING: Egypt\u2019s having multiple FX rates is \u201cdisastrous,\u201d says IMF\u2019s Georgieva - 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\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Egypt\u2019s having multiple FX rates is \u201cdisastrous,\u201d says IMF\u2019s Georgieva\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, ladies and gentlemen. We\u2019re looking at a busy start to this new week, particularly as we all wait with baited breath for updates on our IMF package. THE BIG STORY TODAY Georgieva pushes again for unified FX rate: Egypt having multiple exchange rates is \u201cdisastrous,\u201d Al Arabiya Business quotes IMF Managing Director Kristalina [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-11T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/863.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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS EVENING: Egypt\u2019s having multiple FX rates is \u201cdisastrous,\u201d says IMF\u2019s Georgieva\",\"datePublished\":\"2024-02-11T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/\"},\"wordCount\":578,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/863.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterprisePM\",\"IMF\",\"WHAT WE\u2019RE TRACKING TONIGHT\"],\"articleSection\":[\"WHAT WE\u2019RE TRACKING TONIGHT\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/\",\"name\":\"THIS EVENING: Egypt\u2019s having multiple FX rates is \u201cdisastrous,\u201d says IMF\u2019s Georgieva - 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We\u2019re looking at a busy start to this new week, particularly as we all wait with baited breath for updates on our IMF package. THE BIG STORY TODAY Georgieva pushes again for unified FX rate: Egypt having multiple exchange rates is \u201cdisastrous,\u201d Al Arabiya Business quotes IMF Managing Director Kristalina [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2024-02-11T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/863.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"THIS EVENING: Egypt\u2019s having multiple FX rates is \u201cdisastrous,\u201d says IMF\u2019s Georgieva","datePublished":"2024-02-11T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/"},"wordCount":578,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/863.jpg?fit=%2C&ssl=1","keywords":["EnterprisePM","IMF","WHAT WE\u2019RE TRACKING TONIGHT"],"articleSection":["WHAT WE\u2019RE TRACKING TONIGHT"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/","url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/this-evening-egypts-having-multiple-fx-rates-is-disastrous-says-imfs-georgieva\/","name":"THIS EVENING: Egypt\u2019s having multiple FX rates is \u201cdisastrous,\u201d says IMF\u2019s Georgieva - 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IMF staff and top Egyptian officials \u201cagreed to finalize their work to reach a staff-level agreement\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607635,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/08\/egypt-must-devalue-or-risk-bleeding-reserves-imf-chief\/","url_meta":{"origin":615004,"position":2},"title":"Egypt must devalue or risk \u201cbleeding\u201d reserves -IMF chief","author":"enterpriseam admin","date":"8 October 2023","format":false,"excerpt":"Kristalina Georgieva suggests there could be news in the coming weeks on when we can expect a review of progress under our USD 3 bn assistance program","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/329.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610311,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/19\/imf-could-bump-up-our-usd-3-bn-loan-on-back-of-gaza-war\/","url_meta":{"origin":615004,"position":3},"title":"IMF could bump up our USD 3 bn loan on back of Gaza war","author":"enterpriseam admin","date":"19 November 2023","format":false,"excerpt":"Unconfirmed reports last month claimed that Egypt was looking to borrow another USD 2 bn from the Fund","rel":"","context":"In 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