{"id":616570,"date":"2024-03-07T00:00:00","date_gmt":"2024-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/back-on-the-right-track-what-the-pundits-are-saying\/"},"modified":"2024-03-07T00:00:00","modified_gmt":"2024-03-07T00:00:00","slug":"back-on-the-right-track-what-the-pundits-are-saying","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/back-on-the-right-track-what-the-pundits-are-saying\/","title":{"rendered":"\u201cBack on the right track\u201d: What the pundits are saying"},"content":{"rendered":"

Business leaders and pundits welcomed yesterday\u2019s moves by the central <\/strong>bank<\/strong> and the announcement of a new IMF facility. <\/p>\n

ON THE AIRWAVES- <\/p>\n

\u201cToday\u2019s decisions put us back on the right track and bring back balance,\u201d <\/strong>our friend Sherif El Kholy, partner and Middle East and Africa head at PE giant Actis, told Extra News (watch, runtime: 7:24<\/a>). What\u2019s more important than an attractive exchange rate is the availability of FX liquidity, he added, explaining that yesterday\u2019s decisions \u201cwill bring back FX liquidity, which will curb inflationary pressures.\u201d<\/p>\n

The end of arbitrary pricing:<\/strong> \u201cThere had been a lot of inconsistencies in pricing in recent months, and there was plenty of exaggeration in the pricing of essential commodities in particular,\u201d Al Gioshy Steel chairman Tariq Al Gioshy said (watch, runtime: 5:35<\/a>). Prices are broadly expected to cool now that industries know how to approach their pricing based on the USD rate. <\/p>\n

ON THE BANKING FRONT- <\/p>\n

Some banks <\/strong>may have to increase their capital to meet the CBE\u2019s capital requirements<\/strong>, EG Bank board member Mohamed Abdel Aal told Enterprise. \u201cIt\u2019s hard to tell where the price of the EGP will stabilize, but with sufficient FX liquidity in local banks to meet demand, there won\u2019t be a big impact on banks\u2019 capital adequacy ratio,\u201d he added. If that doesn\u2019t happen, then some banks will probably have to increase their capital to meet requirements, Abdel Aal said. <\/p>\n

More needs t<\/strong>o be done: <\/strong>\u201cUnifying the exchange rate and speeding up the implementation of the state privatization program will help attract FDI and improve rating agencies\u2019 outlook for the Egyptian economy \u2014 but there\u2019s more to be done to reap the benefits of these decisions,\u201d Abdel Aal said. <\/p>\n

The banking sector is sitting pretty: <\/strong>\u201cThe banking sector is among the biggest beneficiaries of the interest rate increase,\u201d HC Securities said in a note seen by Enterprise. \u201cThe interest rate hike will increase the weighted average cost of capital for companies listed on the Egyptian stock exchange, reducing their valuations. However, the impact will vary from sector to sector,\u201d the note said. <\/p>\n

Don\u2019t count out the EGX, though: <\/strong>While high-yield CDs will compete with equities for attention in the coming days, HC expects \u201cthe anticipated economic improvements will have a positive impact on stocks after the market absorbs\u201d recent policy changes. <\/p>\n","protected":false},"excerpt":{"rendered":"

The decisions \u201cput us back on the right track,\u201d but more needs to be done, pundits say<\/p>\n","protected":false},"author":1,"featured_media":616571,"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":[7206],"tags":[204,271,104,72,2234,182,1902],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-banking","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-inflation","tag-mohamed-el-etreby","wpautop","entry"],"acf":{"mongo_id":"ea4266c3-5c1e-4d1f-8cf2-3306e233bb0e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/585.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Experts, analysts\u2019 two cents on the CBE\u2019s decisions","related_issue":[616552],"teaser":"The decisions \u201cput us back on the right track,\u201d but more needs to be done, pundits say","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.85bfbfa2-36d4-4c89-83ce-22451ce40cda.mp3"},"yoast_head":"\n\u201cBack on the right track\u201d: What the pundits are saying - 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The currency fell in the interbank auction by a little over 16% to 32.20 to the USD by 1pm before rebounding to\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/191.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550127,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/agreement-on-imf-loan-coming-very-soon-following-dc-meeting\/","url_meta":{"origin":616570,"position":3},"title":"Agreement on IMF loan coming \u201cvery soon\u201d following DC meeting","author":"enterpriseam admin","date":"16 October 2022","format":false,"excerpt":"Close, but no cigar: A meeting between Egyptian officials and the IMF yesterday ended with the two sides not yet able to announce an agreement on a long-awaited emergency loan package to the country. IMF staff and top Egyptian officials \u201cagreed to finalize their work to reach a staff-level agreement\u2026","rel":"","context":"In "Economy"","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":607426,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/03\/net-foreign-asset-position-improves-slightly-in-august\/","url_meta":{"origin":616570,"position":4},"title":"Net foreign asset position improves slightly in August","author":"enterpriseam admin","date":"3 October 2023","format":false,"excerpt":"FX liquidity in the banking sector deteriorated during the month","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/137.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598211,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/19\/are-em-central-banks-departing-from-monetary-economics-orthodoxy-to-keep-inflation-in-check\/","url_meta":{"origin":616570,"position":5},"title":"Are EM central banks departing from monetary economics orthodoxy to keep inflation in check?","author":"enterpriseam admin","date":"19 May 2019","format":false,"excerpt":"Are EM central banks departing from monetary orthodoxy to keep inflation in check? Emerging market central banks are indirectly intervening in currency markets to contain inflation, General Manager of the Bank for International Settlements (BIS) Agust\u00edn Carstens said in a speech earlier this month at the London School of Economics.\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\/616570","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=616570"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616570\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616552"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616571"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616570"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616570"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}