{"id":616574,"date":"2024-03-07T00:00:00","date_gmt":"2024-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/pundits-press-take-stock-of-surprise-full-float-i-think-the-crisis-is-over-says-fims-robertson\/"},"modified":"2024-03-07T00:00:00","modified_gmt":"2024-03-07T00:00:00","slug":"pundits-press-take-stock-of-surprise-full-float-i-think-the-crisis-is-over-says-fims-robertson","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/pundits-press-take-stock-of-surprise-full-float-i-think-the-crisis-is-over-says-fims-robertson\/","title":{"rendered":"Pundits, press take stock of \u201csurprise\u201d full float. \u201cI think the crisis is over,\u201d says FIM\u2019s Robertson"},"content":{"rendered":"

The foreign press were taken by surprise just as much as us<\/strong>, and jumped on the phone with analysts to try and figure out what\u2019s in stock for the country. Bloomberg led with the headline<\/a> that \u201cEgypt\u2019s shock rate unlocks USD 8 bn IMF Loan\u201d and the the Wall Street Journal<\/a> wrote that while they expected a devaluation, \u201cthe announcement of a complete free float \u2014 and its timing on Wednesday \u2014 was a surprise.\u201d Big name analysts were also caught off guard, with Goldman Sachs economist Farouk Soussa saying that \u201cthe big surprise of the day was the mega hike, which over-delivered and has boosted confidence in the market,\u201d in a separate report by Bloomberg<\/a>.<\/p>\n

\u201cI think the crisis is over,\u201d<\/strong> FIM Partner\u2019s macro strategy head Charlie Robertson told the Financial Times<\/a>. Similarly optimistic was Societe Generale emerging markets strategist Gergely Urmossy in a Bloomberg<\/a> piece, saying that in the absence of a hard peg, \u201cEgypt\u2019s outlook will improve.\u201d There was even excitement from some corners, with Aviva analyst Carmen Altenkirch saying \u201cthe devaluation has got the market very excited.\u201d<\/strong>.<\/p>\n

The sole note of negativity: <\/strong>Bloomberg and the WSJ both raised concerns that the float could fuel inflation, though most analysts we\u2019ve spoken to expect the impact to be muted at worst \u2014 goods now in the country were priced with the USD at an effective exchange rate of about 70.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cI think the crisis is over,\u201d FIM Partner\u2019s macro strategy head Charlie Robertson told the Financial 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float didn\u2019t just make the headlines at home","related_issue":[616552],"teaser":"\u201cI think the crisis is over,\u201d FIM Partner\u2019s macro strategy head Charlie Robertson told the Financial Times","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.310045f1-5835-4cf3-87a9-ed2c22f73b51.mp3"},"yoast_head":"\nPundits, press take stock of \u201csurprise\u201d full float. \u201cI think the crisis is over,\u201d says FIM\u2019s Robertson - 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\/03\/07\/pundits-press-take-stock-of-surprise-full-float-i-think-the-crisis-is-over-says-fims-robertson\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pundits, press take stock of \u201csurprise\u201d 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Figures released on Thursday by state statistics agency Capmas showed that annual urban inflation jumped to 25.8% y-o-y in January, up from 21.3% the month\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\/Market-1600.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\/616574","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=616574"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616574\/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\/616575"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616574"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616574"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}