{"id":619428,"date":"2024-05-01T00:00:00","date_gmt":"2024-05-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/this-evening-egypts-net-foreign-liabilities-narrowed-significantly-in-march\/"},"modified":"2024-05-01T00:00:00","modified_gmt":"2024-05-01T00:00:00","slug":"this-evening-egypts-net-foreign-liabilities-narrowed-significantly-in-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/this-evening-egypts-net-foreign-liabilities-narrowed-significantly-in-march\/","title":{"rendered":"THIS EVENING: Egypt\u2019s net foreign liabilities narrowed significantly in March"},"content":{"rendered":"

Good afternoon, folks, and happy almost-Thursday. <\/strong>In today\u2019s issue, we delve into why Apple has been culling Google AI experts and founders of AI startups and sending them to Zurich. We are also looking at the unprecedented drop of net foreign liabilities in Egypt\u2019s banking system in March amid the renewed investor appetite for local debt following the float. <\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

Net foreign liabilities narrowed significantly in March <\/strong>as the banking system started to feel the impact of the wave of reforms introduced by the Central Bank of Egypt \u2014 the float of the EGP and the jumbo rate hike \u2014 and the renewed investor appetite for local debt. Our net foreign liabilities fell to just under USD 4.2 bn, after having recorded nearly USD 22 bn in February<\/a>, according to Enterprise calculations based on the CBE figures<\/a>.<\/p>\n

Commercial banks were the main drivers: <\/strong>The net foreign assets deficit in commercial banks narrowed to USD 2.8 bn in March compared to USD 13.2 bn the month before. Foreign assets in commercial banks rose 44% m-o-m, while liabilities fell 10% m-o-m.<\/p>\n

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Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They\u2019re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that\u2019s taking shape after the float of the EGP, and our competitive advantages are clear to many of them: We\u2019re a massive consumer opportunity and the regional export hub of tomorrow.<\/strong><\/p>\n

\u2026but here at home, our community is in a rut.<\/strong> The enthusiasm gap between domestic business leaders and global investors is stark. <\/p>\n

We\u2019d all do well to remember: It\u2019s a chicken-and-egg kind of thing. <\/strong>Foreign strategic investors will be reluctant to commit capital here until they see Egyptian businesses leading the way.<\/p>\n

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: <\/strong>Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are \u201clong Egypt.\u201d<\/p>\n

We\u2019ll be talking with you about the agenda over the coming couple of weeks.<\/strong>It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p>\n

*** Interested in attending? <\/strong>Tap or click here<\/a><\/strong> to let us know.<\/strong> Seating is limited. <\/p>\n

<\/a> <\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

Pro-Palestinian protests at US campuses are dominating the news rounds today.<\/strong> University students and some faculty members have held pro-Palestine protests in 23 states in the US for several weeks, setting up encampments on campus to pressure universities to divest from Israel and support the ceasefire. Administration officials in UCLA, Tulane University, the University of Arizona, City College in Harlem, University of California, and Brown, among others, have called the police on their students, sparking clashes. Police have forcibly detained the protesters, using chemical irritants to disperse them. Pro-occupation counter-demonstrators at UCLA tried to tear down an encampment, using sticks and poles to attack the pro-Palestine protestors. Israel\u2019s murder of over 35k Palestinians has sparked the biggest demonstration of US student activism since 2020. (NYT<\/a> | Reuters<\/a> | CNN<\/a>)<\/p>\n

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