{"id":616844,"date":"2024-03-12T00:00:00","date_gmt":"2024-03-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/12\/another-rate-hike-incoming\/"},"modified":"2024-03-12T00:00:00","modified_gmt":"2024-03-12T00:00:00","slug":"another-rate-hike-incoming","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/12\/another-rate-hike-incoming\/","title":{"rendered":"Another rate hike incoming?"},"content":{"rendered":"

Post-float reactions: <\/strong>Almost a week later, the aftermath of the EGP float and 600 bps rate hike is still unfolding.<\/p>\n

ANOTHER RATE HIKE-<\/p>\n

Two rate hikes in a single month? <\/strong>JPMorgan sees the CBE hiking interest rates by a further 200 bps when it meets on 28 March to clamp on soaring inflation spurred by the recent float of the EGP<\/a>, according to a note seen by Reuters<\/a>. The central bank hiked interest rates by 600 bps at a surprise monetary policy meeting last week, leaving the deposit and lending rates at 27.25% and 28.25%, respectively.<\/p>\n

Remember:<\/strong> Egypt\u2019s annual headline inflation defied expectations and jumped 5.9 percentage points to 35.7% in February<\/a>, after easing for four consecutive months.<\/p>\n

Don\u2019t expect cuts anytime soon:<\/strong> JPMorgan doesn\u2019t expect the central bank to move forward with any rate cuts before February 2025.<\/p>\n

EGX UP-<\/p>\n

EGX30 up <\/strong>12%<\/strong> since day of the float: <\/strong>After rising as much as 5% in intraday trading following the central bank\u2019s announcement that it would float the EGP on Wednesday, the country\u2019s benchmark index finished the day 3.0% down. Since then, the EGX30 has risen 12.2% over just three days of trading and is up 34.1% YTD.<\/p>\n

We\u2019re expecting more foreign investors <\/strong>to pour funds into the bourse after the float made the EGX30 much more attractive in USD terms.<\/p>\n

\"Confidence in the foreign exchange liquidity situation is seen improving slowly\"<\/strong> and there are early signs this sentiment is attracting foreign investors back, Naeem Brokerage\u2019s Allen Sandeep told Bloomberg<\/a>.<\/p>\n

CIB EASES FX LIMITS-<\/p>\n

CIB ease<\/strong>s FX <\/strong>transaction limits abroad for the second time in less than a week:<\/strong> The CIB has raised the monthly maximum cap on FX transactions abroad to the equivalent of EGP 75k-200k depending on the account type, up from EGP 25k-175k, according to a statement (pdf)<\/a> from the lender. Egyptians abroad can now also withdraw the equivalent of EGP 3.5k-10.5k from ATMs abroad every month, up from EGP 2k-6.5k.<\/p>\n

There\u2019s also good news for CIB customers wanting to renew their online subscriptions<\/strong>: <\/strong>The bank also increased the monthly ceiling on FX transactions at home to EGP 50k for all account types, up from EGP 3.5k-12.5k.<\/p>\n

The move follows another loosening of FX transactions the bank and others had made <\/strong>over the weekend<\/a><\/strong>, following instructions<\/a> from the central bank to gradually lift restrictions on credit card FX transactions as the country adjusts to a new post-float normal and waves goodbye to the parallel market and FX shortages.<\/p>\n

CORRECTION: <\/b>In yesterday's issue of EnterpriseAM Egypt, we mistakenly reported that the CBE auctioned off three-year t-bonds worth EGP 28 mn on Sunday. The auction cited was from 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

JPMorgan sees the CBE hiking interest rates by a further 200 bps when it meets later this month<\/p>\n","protected":false},"author":1,"featured_media":616845,"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":[271,240,104,68,72,262,1041],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-cib","tag-economy","tag-egx","tag-enterpriseam","tag-jpmorgan","tag-treasuries","wpautop","entry"],"acf":{"mongo_id":"78d0adb6-c2a3-4294-80ba-dc6935195928","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/98.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Could Egypt hike rates again this month?","related_issue":[616839],"teaser":"JPMorgan sees the CBE hiking interest rates by a further 200 bps when it meets later this month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.6e800569-ee5c-42e2-8020-30ec59c57464.mp3"},"yoast_head":"\nAnother rate hike incoming? 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The central bank hiked rates by 200 basis points, bringing its deposit rate to 11.25% and the lending rate\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\/5\/271.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\/616844","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=616844"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616844\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616845"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616844"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616844"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}