{"id":622212,"date":"2018-11-29T04:41:40","date_gmt":"2018-11-29T04:41:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/29\/cbe-to-terminate-forex-repatriation-mechanism-on-4-december\/"},"modified":"2018-11-29T04:41:40","modified_gmt":"2018-11-29T04:41:40","slug":"cbe-to-terminate-forex-repatriation-mechanism-on-4-december","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/29\/cbe-to-terminate-forex-repatriation-mechanism-on-4-december\/","title":{"rendered":"CBE to terminate forex repatriation mechanism on 4 December"},"content":{"rendered":"

<\/a> The central bank is going to scrap its special foreign exchange repatriation mechanism next week: <\/strong>The central bank will terminate the foreign exchange repatriation mechanism for new portfolio investments starting 4 December, it said in a statement (pdf)<\/a> that pointed to broadly improved macroeconomic indicators, including an improved foreign reserves position. The repatriation mechanism was in place to reassure foreign investors they could get USD out of Egypt at any point. \u201cThe decision applies on any fresh foreign currency portfolio investments wishing to enter the local currency Egyptian T-Bills, T-Bonds market and the stocks listed on the Egyptian Stock Exchange,\u201d the statement read.<\/p>\n

Egypt is saying it\u2019s confident it has<\/strong> overcome FX shortages <\/strong>and that investor confidence has been restored thanks to IMF-backed economic reforms. The CBE no longer has to guarantee portfolio investments and can let the interbank market repatriation. \u201cTwo years from [the November 2016 float of the EGP], this regime has led to the successful elimination of all foreign exchange shortages that previously disrupted economic activity, thereby significantly improving Egypt\u2019s external balances. Distortions in the domestic foreign currency market were eliminated, and the forces of supply and demand drove, and continue to drive, the process of price discovery in the foreign exchange market.\u201d<\/p>\n

Did you pull the trigger on a (portfolio) investment before 4 December? You\u2019re good with the CBE\u2019s parallel mechanism. <\/strong>The CBE said the decision will not apply retroactively. \u201cThis will not apply to balances held inside the mechanism before the aforementioned date. Investors that initially entered through the repatriation mechanism before December 4th 2018, close of business day, may exit through the repatriation mechanism at any time,\u201d the CBE said.<\/p>\n

The move will be broadly good for the FX market<\/strong>, says Hany Farahat, senior economist at CI Capital. \u201cPortfolio inflows will be circulated in the interbank market, supporting banks net foreign assets and inducing a healthy volatility in the [FX exchange rate] \u2014 all positive for the forex market,\u201d Farahat said, adding that banks have been bearing the cost of outflows.<\/p>\n

The move will also be good for the EGP: <\/strong>The mechanism was keeping the EGP from reaching its full potential. \u201cPartial ring-fencing of portfolio inflows via the mechanism was a key source of undervaluation for the EGP, in our view. It deprived the interbank market of USD 21 bn, when portfolio inflows in treasuries peaked in May, and, on our estimates, currently excludes at least USD 7 bn from the system,\u201d Farahat said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The central bank is going to scrap its special foreign exchange repatriation mechanism next week: The central bank will terminate the foreign exchange repatriation mechanism for new portfolio investments starting 4 December, it said in a statement (pdf) that pointed to broadly improved macroeconomic indicators, including an improved foreign reserves position. The repatriation mechanism was […]<\/p>\n","protected":false},"author":1,"featured_media":622213,"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":[72,3330,2380,1041],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-portfolio-investment","tag-speed-round","tag-treasuries","wpautop","entry"],"acf":{"mongo_id":"70bfc918-7cf9-4e7d-be7a-173967e270c7","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/1115.jpg","photo_position":"above","related_issue":[622204],"teaser":"","voice_url":""},"yoast_head":"\nCBE to terminate forex repatriation mechanism on 4 December - 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\/29\/cbe-to-terminate-forex-repatriation-mechanism-on-4-december\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE to terminate forex repatriation mechanism on 4 December\" \/>\n<meta property=\"og:description\" content=\"The central bank is going to scrap its special foreign exchange repatriation mechanism next week: The central bank will terminate the foreign exchange repatriation mechanism for new portfolio investments starting 4 December, it said in a statement (pdf) that pointed to broadly improved macroeconomic indicators, including an improved foreign reserves position. 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The EGP was at 17.92 on 27 January. \u201cYou\u2019re seeing most of the indicators improving,\u201d Hany Farahat, senior economist at CI Capital,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/17.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604356,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/02\/end-of-special-fx-repatriation-mechanism-is-boon-for-egypt-banking-sector\/","url_meta":{"origin":622212,"position":2},"title":"End of special FX repatriation mechanism is boon for Egypt banking sector","author":"enterpriseam admin","date":"2 December 2018","format":false,"excerpt":"End of CBE\u2019s special repatriation mechanism is a boon for banks, says industry: The CBE\u2019s decision to terminate its parallel foreign exchange repatriation mechanism for new portfolio investments starting 4 December is receiving so much positive attention from the banking sector, it would have received a \u201ccertified fresh\u201d from Rotten\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/935.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604610,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/09\/average-yields-on-egypt-t-bills-stable-after-termination-of-repatriation-mechanism\/","url_meta":{"origin":622212,"position":3},"title":"Average yields on Egypt T-bills stable after termination of repatriation mechanism","author":"enterpriseam admin","date":"9 December 2018","format":false,"excerpt":"Average yields on Egyptian treasury bills were stable on Thursday, the first auction after the country scrapped the repatriation mechanism. The average yield on one-year T-bills was 19.97%, compared to 19.92% at the last similar auction, while the average yield on 6-month T-bills was 19.98%, compared to 19.89% at the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604450,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/04\/what-were-tracking-on-04-december-2018\/","url_meta":{"origin":622212,"position":4},"title":"What we\u2019re tracking on 04 December 2018","author":"enterpriseam admin","date":"4 December 2018","format":false,"excerpt":"The central bank\u2019s parallel FX repatriation mechanism ends today for new portfolio investments. \u201cThe decision applies on any fresh foreign currency portfolio investments wishing to enter the local currency Egyptian T-Bills, T-Bonds market and the stocks listed on the Egyptian Stock Exchange,\u201d the CBE said in a statement (pdf) last\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571359,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/10\/foreign-reserves-fall-for-second-consecutive-month-in-april\/","url_meta":{"origin":622212,"position":5},"title":"Foreign reserves fall for second consecutive month in April","author":"enterpriseam admin","date":"10 May 2020","format":false,"excerpt":"Foreign reserves fell in April for the second consecutive month as the central bank honored repatriation requests from foreign investors, theCentral Bank of Egypt said in a statement (pdf). Reserves slipped by another USD 3.1 bn during the month to USD 37 bn, having fallen from a peak of USD\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/90.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\/622212","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=622212"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622212\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622204"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/622213"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622212"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622212"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}