{"id":615817,"date":"2024-02-25T00:00:00","date_gmt":"2024-02-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/egp-strengthens-on-parallel-and-derivatives-markets\/"},"modified":"2024-02-25T00:00:00","modified_gmt":"2024-02-25T00:00:00","slug":"egp-strengthens-on-parallel-and-derivatives-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/egp-strengthens-on-parallel-and-derivatives-markets\/","title":{"rendered":"EGP strengthens on parallel and derivatives markets"},"content":{"rendered":"

News of the ADQ\u2019s USD 35 bn investment in Egypt saw the EGP strengthen immediately <\/strong>in the parallel and derivatives markets. It remains unchanged at 30.95 to the USD in the official market ahead of banks opening today, with speculation now that we could see a \u201cmodest\u201d devaluation as early as this Thursday. <\/p>\n

The EGP strengthened in the market for twelve-month <\/strong>non-deliverable forwards (NDFs)<\/strong> as traders pulled back from positions that saw a sharp devaluation. Twelve-month NDFs saw the USD-EGPrate decline 11.5% throughout the day to 57.5 after the news broke, down from 65 at the start of the day and its peak of 66.7 at the end of January. <\/p>\n

So did USD bonds: <\/strong>Egypt\u2019s USD-denominated bonds \u201csoared on Friday ahead of the announcement and continued their rally into the afternoon,\u201d Reuters<\/a> wrote. Bonds maturing in or after 2031 rose to their highest level in a year at 65.5-73.4 cents.<\/p>\n

The parallel market looks like it's starting to move: <\/strong>The announcement was made on a Friday, so it remains unclear how the parallel market FX rate will react in the long-run, but the greenback was reportedly trading at EGP 49.5-52 last night, down over 20% from EGP 62-63 before the announcement. Morgan Stanley sees the parallel market rate falling over the coming week and the size of the fall will depend \u201con the size of the new IMF loan, and the size of the FX adjustment.\u201d Goldman Sachs also sees \u201ca sharp drop in speculative\/hedging demand for FX in the Egyptian economy on the back of the announced investment.\u201d<\/p>\n

The story received coverage from: <\/strong>Bloomberg<\/a> | Reuters<\/a> | Financial Times<\/a> | The National<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Twelve-month NDFs saw the USD-EGP rate decline 11.5% throughout the day to 57.5 after the news of the ADQ sale broke<\/p>\n","protected":false},"author":1,"featured_media":615818,"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":[8405],"tags":[299,838,72,1301,7388,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-watch","tag-adq","tag-devaluation","tag-enterpriseam","tag-market-watch","tag-ras-el-hekma","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"f90dcd68-c0d7-458a-990e-a21914368d0e","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/376.jpg","photo_position":"above","homepage_title":"Egyptian Pound strengthens on parallel and derivatives markets","full_issue_title":"Egyptian Pound strengthens on parallel and derivatives markets","related_issue":[615808],"teaser":"Twelve-month NDFs saw the USD-EGP rate decline 11.5% throughout the day to 57.5 after the news of the ADQ sale broke","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.98d54814-f524-4740-ba92-4e9110f37647.mp3"},"yoast_head":"\nEGP strengthens on parallel and derivatives markets - 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We\u2019re starting off a new week that promises to be busy and bring us a very full pipeline of news, which most of us were anticipating after an eventful weekend. 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