{"id":622163,"date":"2018-11-28T04:20:04","date_gmt":"2018-11-28T04:20:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/28\/foreigners-dump-egyptian-debt-for-seventh-month-in-a-row-more-speculation-that-state-banks-are-propping-up-the-egp\/"},"modified":"2018-11-28T04:20:04","modified_gmt":"2018-11-28T04:20:04","slug":"foreigners-dump-egyptian-debt-for-seventh-month-in-a-row-more-speculation-that-state-banks-are-propping-up-the-egp","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/28\/foreigners-dump-egyptian-debt-for-seventh-month-in-a-row-more-speculation-that-state-banks-are-propping-up-the-egp\/","title":{"rendered":"Foreigners dump Egyptian debt for seventh month in a row; more speculation that state banks are propping up the EGP"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Foreigners dump Egyptian debt for seventh month in a row; more speculation state that banks are propping up the EGP: <\/strong>Foreign investors exited some EGP 24.3 bn-worth of Egyptian treasuries in October, according to the central bank\u2019s <a href=\"https:\/\/ent.news\/2018\/11\/2101.pdf\">monthly statistical bulletin (pdf)<\/a>. Non-Egyptian holdings of treasuries stood at EGP 210.2 bn (c.USD 11.7 bn) at the end of October, down from EGP 234.5 bn (c.USD 13.1 bn) the previous month. This marks the seventh consecutive month during which international appetite for Egyptian treasuries has declined, <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2018\/11\/27\/1469795\/%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D8%AC%D8%A7%D9%86%D8%A8-%D8%A8%D8%A3%D8%B0%D9%88%D9%86-%D8%A7%D9%84%D8%AE%D8%B2%D8%A7%D9%86%D8%A9-%D8%AA%D9%86%D8%AE%D9%81%D8%B6-%D9%84%D8%B3%D8%A7%D8%A8%D8%B9-%D8%B4%D9%87%D8%B1-%D9%88%D8%AA%D8%B3%D8%AC%D9%84-11-7-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1#sectionListing\">according to Masrawy<\/a>.<\/p>\n<p><strong>Is the CBE relying on state banks to prop up the EGP amid the outflow of hot money?<\/strong> The central bank appears to be relying largely on the National Bank of Egypt and Banque Misr to help prop-up the EGP throughout the emerging markets sell-off, <a href=\"https:\/\/www.reuters.com\/article\/egypt-economy-currency\/egypts-state-banks-helping-to-support-currency-bankers-economists-idUSL8N1XJ46P\">according to Reuters<\/a>. The strategy is meant to be an alternative to the CBE directly interfering \u2014 Governor Tarek Amer has consistently repeatedly since the late 2016 float of the pound that the central bank has stopped managing the currency. \u201cAs portfolio funds flow out \u2026 supplies of USD needed to support the EGP are mainly coming from the banking system, rather than from the central bank\u2019s reserves,\u201d according to seven bankers and several economists the newswire spoke to.<\/p>\n<p><strong>The policy does not pose an \u201cimmediate threat,\u201d but it can\u2019t last forever, economists say:<\/strong> Egypt\u2019s net foreign reserves have held steady the past several months, climbing to USD 44.5 bn in September and October. Remittances by citizens working<a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/19\/expat-remittances-rise-usd-20-4-y-o-y-in-september\/\">abroad also rose 20.4%<\/a> y-o-y in September to USD 1.8 bn, and the EGP float managed to crush the black market for forex. \u201cAll this suggests Egypt may be able to resist pressure on the EGP for many more months or even years \u2026 But if demand for the Egyptian currency weakens further over the long term without any exchange rate adjustment, capital inflows could shrink, Egypt\u2019s exports might become less competitive, and foreign exchange reserves could be run down.\u201d<\/p>\n<p><strong>Background: This is exactly what Arqaam Capital <\/strong><a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/08\/how-much-longer-can-the-banking-system-support-fx-outflows-without-the-central-bank-releasing-some-reserves\/\"><strong>said earlier this month<\/strong><\/a>. The firm stressed that banks are now \u201cless shock absorbent for a future devaluation\u201d of the EGP (however unlikely at this stage) and need fresh inflows of FX to continue acting as shock absorbers. By Arqaam\u2019s calculations at the time, FX reserves would fall only USD 4 bn if the CBE dipped in to make the banks whole for the outflows. Capital Economics, meanwhile, <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/06\/egp-could-lose-up-to-10-of-its-value-against-the-usd-by-2020\/\">suggested in a September report<\/a> that the EGP\u2019s stability in the midst of the global EM sell-off could have only come from the CBE propping up the currency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Foreigners dump Egyptian debt for seventh month in a row; more speculation state that banks are propping up the EGP: Foreign investors exited some EGP 24.3 bn-worth of Egyptian treasuries in October, according to the central bank\u2019s monthly statistical bulletin (pdf). Non-Egyptian holdings of treasuries stood at EGP 210.2 bn (c.USD 11.7 bn) at the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":622164,"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":[8572],"tags":[7106,72,655,2380,1041],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-debt","tag-enterpriseam","tag-foreign-reserves","tag-speed-round","tag-treasuries","wpautop","entry"],"acf":{"mongo_id":"3a07aba4-ab39-4403-ad52-009a70c97f37","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/310.jpg","photo_position":"above","related_issue":[622153],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Foreigners dump Egyptian debt for seventh month in a row; more speculation that state banks are propping up the EGP - 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\/2018\/11\/28\/foreigners-dump-egyptian-debt-for-seventh-month-in-a-row-more-speculation-that-state-banks-are-propping-up-the-egp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreigners dump Egyptian debt for seventh month in a row; more speculation that state banks are propping up the EGP\" \/>\n<meta property=\"og:description\" content=\"Foreigners dump Egyptian debt for seventh month in a row; more speculation state that banks are propping up the EGP: Foreign investors exited some EGP 24.3 bn-worth of Egyptian treasuries in October, according to the central bank\u2019s monthly statistical bulletin (pdf). Non-Egyptian holdings of treasuries stood at EGP 210.2 bn (c.USD 11.7 bn) at the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/28\/foreigners-dump-egyptian-debt-for-seventh-month-in-a-row-more-speculation-that-state-banks-are-propping-up-the-egp\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-28T04:20:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/310.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/28\/foreigners-dump-egyptian-debt-for-seventh-month-in-a-row-more-speculation-that-state-banks-are-propping-up-the-egp\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/28\/foreigners-dump-egyptian-debt-for-seventh-month-in-a-row-more-speculation-that-state-banks-are-propping-up-the-egp\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Foreigners dump Egyptian debt for seventh month in a row; 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The figure roughly coincides with the USD 13.1 bn previously\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575989,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/05\/net-foreign-assets-in-egyptian-banks-surge-in-september\/","url_meta":{"origin":622163,"position":1},"title":"Net foreign assets in Egyptian banks surge in September","author":"enterpriseam admin","date":"5 November 2020","format":false,"excerpt":"Net foreign assets in Egypt\u2019s banking sector surged by 32% m-o-m in September, as foreigners continue to return to government treasuries after selling out of global emerging markets in the early weeks of the pandemic. Central bank data picked up by Al Mal shows assets rose to USD 14.03 bn\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598130,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/15\/foreign-holdings-of-egyptian-treasuries-rise-to-usd-14-6-bn-in-february\/","url_meta":{"origin":622163,"position":2},"title":"Foreign holdings of Egyptian treasuries rise to USD 14.6 bn in February","author":"enterpriseam admin","date":"15 May 2019","format":false,"excerpt":"Foreign holdings of Egyptian treasuries rose to USD 14.6 bn in February (EGP 249.6 bn) , compared to USD 13.7 bn (EGP 233.8 bn) in January, according to the CBE\u2019s March monthly statistical bulletin (pdf). Finance Minister Mohamed Maait said in March that foreign holdings of t-bills stood at USD\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566963,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/08\/egypts-foreign-reserves-up-in-december-foreign-holdings-of-egyptian-treasuries-up-in-november\/","url_meta":{"origin":622163,"position":3},"title":"Egypt\u2019s foreign reserves up in December, foreign holdings of Egyptian treasuries up in November","author":"enterpriseam admin","date":"8 January 2020","format":false,"excerpt":"Egypt\u2019s foreign reserves increased marginally to USD 45.42 bn at the end of December, compared to around USD 45.354 bn in November, according to the Central Bank of Egypt. Meanwhile, foreign holdings of Egyptian treasuries rise to USD 15.5 bn as of the end of November, up from EGP 15.07\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":644751,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/03\/eurobond-issuance-in-september\/","url_meta":{"origin":622163,"position":4},"title":"Eurobond issuance in September","author":"enterpriseam admin","date":"3 July 2017","format":false,"excerpt":"Another Eurobond issuance coming in September? It appears that the Finance Ministry is considering another EUR-denominated bond issuance in September, government sources reportedly told Al Borsa. The issuance will be to the tune of EUR 1-1.5 bn, a less ambitious target than previous eurobond sales in order to \u201cget a\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624415,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/foreign-investors-exited-some-egp-29-9-bn-worth-of-egyptian-treasuries-in-june-2018\/","url_meta":{"origin":622163,"position":5},"title":"Foreign investors exited some EGP 29.9 bn worth of Egyptian treasuries in June 2018","author":"enterpriseam admin","date":"9 September 2018","format":false,"excerpt":"**#2 Foreign investors exited some EGP 29.9 bn worth of Egyptian treasuries in June as the Emerging Markets Zombie Apocalypse deepened, according to central bank data (pdf). Foreign holdings of treasuries stood at EGP 269.1 bn at the end of FY2017-18, down EGP 29.9 bn from the previous month. International\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622163","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=622163"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622163\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622153"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/622164"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622163"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622163"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}