{"id":616628,"date":"2024-03-07T00:00:00","date_gmt":"2024-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/looking-back-at-the-months-preceded-the-egp-float\/"},"modified":"2024-03-07T00:00:00","modified_gmt":"2024-03-07T00:00:00","slug":"looking-back-at-the-months-preceded-the-egp-float","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/looking-back-at-the-months-preceded-the-egp-float\/","title":{"rendered":"Looking back at the months preceded the EGP float"},"content":{"rendered":"

It\u2019s the day after the float.<\/strong> Following the news barrage yesterday, we decided to take one step back today to recall together the months that preceded the Central Bank of Egypt\u2019s decisions, and how Egypt has been collecting ammo to ensure the ability to liberalize the exchange rate and its sustainability.<\/p>\n

How the government has been preparing: <\/strong>The government has taken steps over the past 12 months to shore up its FX buffers as it geared up for the devaluation, attracting FX via the sale of state assets and the issuance of government debt instruments. It also took measures to mitigate the float\u2019s effect on the average citizen, hiking the minimum wage by 100% since last year. <\/p>\n

#1- Ras El Hekma agreement:<\/strong> The Madbouly government inked<\/a> a USD 35 bn agreement with ADQ last month, giving the Abu Dhabi wealth fund and longtime investor in Egypt the development rights to Ras El Hekma on the North Coast in what was Egypt\u2019s largest FDI transaction.<\/p>\n

Egypt received the first USD 10 bn tranche from the Ras El Hekma agreement last <\/strong>weekend<\/strong>, and an additional USD 5 bn tranche is set to be rolled from a previous UAE deposit at the Central Bank of Egypt, Prime Minister Moustafa Madbouly said<\/a> at the time. Meanwhile, the remaining USD 20 bn from the agreement will be deposited within the next two months \u2014 USD 6 bn of which will be from existing UAE deposits at the CBE. Altogether, some USD 11 bn worth of UAE deposits will be converted.<\/p>\n

ALSO- Egypt received USD 520 mn<\/strong> as part of the USD 800 mn sale<\/a> of seven historic hotels to Talaat Moustafa Group\u2019s Icon Investments. <\/p>\n

#2-<\/strong>Rebooted state privatization program:<\/strong> The state\u2019s privatization program was rebooted in February<\/a> of last year and later expanded<\/a> to include 35 companies that will sell stakes to private investors. The government raised some USD 5.6 bn<\/a> from the program between April 2022 and December 2023. The government reportedly tapped 61 additional companies in January<\/a> to be added to the list.<\/p>\n

Egypt is aiming to raise some <\/strong>USD 6.5 bn<\/a><\/strong> through finalized sales from the privatization program by the end of <\/strong>2024. <\/strong>A large chunk of that could be raised by June through stake sales of Wataniya, Gabal El Zeit wind farm, Port Said and Damietta Container & Cargo Handling companies, United Bank, and a Siemens-built power plant in Beni Suef, sources in the know told Enterprise.<\/p>\n

#3- Wage hikes:<\/strong> An EGP 180 bn social protection package announced<\/a> last month by President Abdel Fattah El Sisi went into effect this month. The package includes raising the public sector minimum wage by 50% to EGP 6k, increasing pension payouts by 15%, implementing salary increases for employees in the education and healthcare sectors, and raising the personal income tax exemption threshold to EGP 60k from EGP 45k.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government has been gearing towards this moment<\/p>\n","protected":false},"author":1,"featured_media":616629,"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":[271,104,633],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterprisepm","wpautop","entry"],"acf":{"mongo_id":"57ba0d74-d634-4de2-88d1-58fdf4f52198","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/98.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[616611],"teaser":"The government has been gearing towards this moment","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.01a59eff-cb31-4c39-9bda-eea422ea0f6f.mp3"},"yoast_head":"\nLooking back at the months preceded the EGP float - 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"Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/106.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616844,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/12\/another-rate-hike-incoming\/","url_meta":{"origin":616628,"position":5},"title":"Another rate hike incoming?","author":"enterpriseam admin","date":"12 March 2024","format":false,"excerpt":"JPMorgan sees the CBE hiking interest rates by a further 200 bps when it meets later this month","rel":"","context":"In 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