{"id":623720,"date":"2024-06-10T00:00:00","date_gmt":"2024-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/10\/central-banks-are-leaning-heavier-on-the-usd-amid-higher-interest-rates\/"},"modified":"2024-06-10T00:00:00","modified_gmt":"2024-06-10T00:00:00","slug":"central-banks-are-leaning-heavier-on-the-usd-amid-higher-interest-rates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/10\/central-banks-are-leaning-heavier-on-the-usd-amid-higher-interest-rates\/","title":{"rendered":"Central banks are leaning heavier on the USD amid higher interest rates"},"content":{"rendered":"

Central banks are boosting USD reserves: <\/strong>The number of central banks increasing their exposure to the USD is increasing this year as a move towards de-dollarization stalls amid a need for liquidity and higher interest rates in the US, according to an annual survey<\/a> by the Official Monetary and Financial Institutions Forum (OMFIF). A net 18% of global central banks plan to increase their USD allocation over the next one to two years to combat heightened US interest rates, up from just 6% last year.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The increase marks a break from a gradual decline in USD reserves<\/strong>, after changes in global trade and geopolitical tensions \u2014 including sanctions on Russia \u2014 had prompted some economies to reduce their reliance on the greenback. Now, demand for the CNY has stalled in favor of the USD, driven by \u201cexpected higher returns from the US, where rates are forecast to remain higher than in China.\u201d<\/p>\n

Fast facts:<\/strong> The USD currently accounts for nearly 58% of global reserves, according to IMF data picked up by the Financial Times<\/a>. <\/p>\n

Gold reserves are also seeing an uptick in demand,<\/strong> with the proportion of central banks' reserves held in gold rising from 9% to 11% over the past year, and a net 15% eyeing further increases to their gold holdings in the next one to two years.<\/p>\n

A 10-year view still sees a \u201cvery gradual decline in the USD\u2019s share of global reserves\u201d <\/strong>to an average allocation of 55% USD compared with 5.5% for the CNY, in line with trends over the past decade, according to OMFIF Managing Director Nikhil Sanghani.<\/p>\n

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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

25,659<\/p>\n<\/td>\n

\n

-2.9% (YTD: +3.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.52<\/p>\n<\/td>\n

\n

Sell 47.66<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.54<\/p>\n<\/td>\n

\n

Sell 47.64<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,855<\/p>\n<\/td>\n

\n

+2.6% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,957<\/p>\n<\/td>\n

\n

+0.2% (YTD: -4.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,982<\/p>\n<\/td>\n

\n

+0.1% (YTD: +3.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,347<\/p>\n<\/td>\n

\n

-0.1% (YTD: +12.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,245<\/p>\n<\/td>\n

\n

-0.5% (YTD: +9.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,051<\/p>\n<\/td>\n

\n

-0.4% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 79.62<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.92<\/p>\n<\/td>\n

\n

+3.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,325<\/p>\n<\/td>\n

\n

-2.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 67,719.60<\/p>\n<\/td>\n

\n

+0.5% (YTD: +64.8%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 2.9% at yesterday\u2019s close<\/strong> on turnover of EGP 2.3 bn (51.6% below the 90-day average). Local investors were net sellers. The index is up 3.1% YTD.<\/p>\n

In the green: <\/strong>Palm Hills Development (+6.9%), Elsewedy Electric (+1.1%), and Juhayna (+0.3%).<\/p>\n

In the red: <\/strong>GB Corp (-7.6%), Orascom Construction (-7.3%), and Abu Dhabi Islamic Bank (-6.1%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

Kima wraps up EGP 4 bn capital increase:<\/strong>State-controlled Egyptian Chemical Industries (Kima) has successfully increased its issued capital to EGP 9.9 bn, after wrapping up the second phase of its EGP 4 bn capital raise subscription on Thursday, Kima said in an EGX disclosure (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

18% of global central banks are planning to increase their USD allocation over the next 1-2 years<\/p>\n","protected":false},"author":1,"featured_media":623721,"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":[7210],"tags":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-623720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"8d60382c-0746-4b97-adf4-826ed69931ee","order":"9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/376.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Central banks are leaning heavier on the USD amid higher interest rates","related_issue":[623705],"teaser":"18% of global central banks are planning to increase their USD allocation over the next 1-2 years","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.334cd3fc-c641-487c-9a47-e2f4a44e5fba.mp3"},"yoast_head":"\nCentral banks are leaning heavier on the USD amid higher interest rates - 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Or is it?","author":"enterpriseam admin","date":"26 September 2021","format":false,"excerpt":"The era of ultra-cheap money is coming to an end, the Financial Times declares. In a long read out this morning, the salmon-colored paper notes the rather abrupt turn towards more restrictive monetary policies by some central banks around the world. Facing higher inflation for longer than first thought, the\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585600,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/is-the-usd-losing-ground-as-the-worlds-favorite-reserve-currency\/","url_meta":{"origin":623720,"position":1},"title":"Is the USD losing ground as the world\u2019s favorite reserve currency?","author":"enterpriseam admin","date":"26 April 2023","format":false,"excerpt":"The USD\u2019s share of global reserves fell rapidly in 2022","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/820.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549962,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/09\/planet-finance-central-banks-are-stuffing-their-mattresses-with-usds\/","url_meta":{"origin":623720,"position":2},"title":"Planet Finance: Central banks are stuffing their mattresses with USDs","author":"enterpriseam admin","date":"9 October 2022","format":false,"excerpt":"Central banks everywhere are stocking up on USD as they prepare to prop up their currencies: Central banks are letting go of their US Treasuries in favor of cold hard cash that could be deployed to boost their local currencies if necessary, Bloomberg reports. Central banks sold a combined USD\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568057,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/fx-liquidity-at-banks-is-recovering-from-covid\/","url_meta":{"origin":623720,"position":3},"title":"FX liquidity at banks is recovering from covid","author":"enterpriseam admin","date":"16 December 2020","format":false,"excerpt":"The banking sector\u2019s FX liquidity has recovered from pandemic-induced lows, thanks to the return of foreign inflows to capital markets, Fitch Ratings said in a report yesterday. Net foreign assets at banks increased to USD 2.9 bn in October, continuing to rebound after having turned positive in September. Excluding the\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\/2020\/12\/288.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578206,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/19\/expect-central-banks-to-stay-hawkish-deep-into-2023-amid-stubborn-inflation\/","url_meta":{"origin":623720,"position":4},"title":"Expect central banks to stay hawkish deep into 2023 amid stubborn inflation","author":"enterpriseam admin","date":"19 December 2022","format":false,"excerpt":"Central banks won\u2019t be taking their feet off the gas anytime soon: Despite hopes in some quarters that central banks will begin to dial back the aggressive monetary tightening in the new year, we should brace for further rate hikes triggered by continued inflationary pressures. This is according to the\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/395.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589936,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/11\/a-record-1h-for-covered-bonds-does-btc-have-a-bright-future\/","url_meta":{"origin":623720,"position":5},"title":"A record 1H for covered bonds + Does BTC have a bright future?","author":"enterpriseam admin","date":"11 July 2023","format":false,"excerpt":"Banks sold a record EUR 175 bn of the ultra-safe bonds in 1H 2023","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/390.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\/623720","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=623720"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/623720\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/623705"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/623721"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=623720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=623720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=623720"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=623720"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=623720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}