{"id":625255,"date":"2024-06-25T00:00:00","date_gmt":"2024-06-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/25\/fx-inflows-and-exchange-rate-stability-boost-banking-sector-forecasts-says-fitch-solutions\/"},"modified":"2024-06-25T00:00:00","modified_gmt":"2024-06-25T00:00:00","slug":"fx-inflows-and-exchange-rate-stability-boost-banking-sector-forecasts-says-fitch-solutions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/25\/fx-inflows-and-exchange-rate-stability-boost-banking-sector-forecasts-says-fitch-solutions\/","title":{"rendered":"FX inflows and exchange rate stability boost banking sector forecasts, says Fitch Solutions"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s banking sector ca<\/strong><strong>n breathe easier in 2024, thinks Fitch Solutions:<\/strong> Foreign currency inflows and exchange rate stability following the float of the EGP in March and the country securing some USD 57 bn in financing in 2024 have improved Fitch Solutions\u2019 forecasts for Egypt\u2019s banking sector, writes <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/06\/24\/1802777\" style=\"\" rel=\"noopener\">Al Borsa<\/a><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remittances and portfolio investments have been picking back up and strengthening the<\/strong><strong> nation\u2019s foreign asset position: <\/strong>Fitch also gave a nod to the decreasing difficulties involved in repatriating funds and increased returns on Egyptian debt instruments as a reason behind the return of portfolio investments and remittance inflows. This has contributed to the net foreign asset deficit <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea24f652-8aba-438a-a9e2-e0fc1ce09e91\/egypt%25e2%2580%2599s-net%253cmark%253e-foreign%253c%2Fmark%253e-asset-deficit-continues-to-narrow-in-april-for-third-consecutive-month\" style=\"\" rel=\"noopener\">narrowing<\/a> 87% since reaching an all-time high of USD 29.0 bn in January.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An uptick FX liquidity should have a knock-on effect on imports, arrears, and FX lending:<\/strong> Fitch expects banks to direct the uptick in inflows towards those importing non-essential goods and tackle any import backlogs, in addition to making arrear payments to oil companies and increase FX lending to companies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in Fitch\u2019s crystal ball: <\/strong><\/p>\n<ul>\n<li><strong>Inflation: <\/strong>Fitch sees inflation rates ending the year at just over 25%.<\/li>\n<li><strong>Interest rates: <\/strong>The CBE\u2019s tightening cycle has ended for now, thinks Fitch, with interest rates expected to stay at their current levels until the end of 2024.<\/li>\n<li><strong>The EGP float will have a limited impact on the balance sheets and capital position<\/strong> of Egyptian banks, Fitch thinks, with the sector able to absorb the rise of the greenback against the EGP by about 35%. <\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Egypt has signed around USD 57 bn worth of financing in 2024<\/p>\n","protected":false},"author":1,"featured_media":625256,"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":[7350],"tags":[204,380,104,72,3637,2234],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-625255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-currencies","tag-economy","tag-enterpriseam","tag-fitch-solutions","tag-foreign-exchange","wpautop","entry"],"acf":{"mongo_id":"1e6b976b-97be-49cd-ab23-634778b1d5a7","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1530.jpg","photo_position":"above","homepage_title":"","full_issue_title":"FX inflows and exchange rate stability boost banking sector forecasts, says Fitch Solutions","related_issue":[625248],"teaser":"Egypt has signed around USD 57 bn worth of financing in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.123bd387-8b1e-4f19-a8d1-594336c69c33.mp3"},"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>FX inflows and exchange rate stability boost banking sector forecasts, says Fitch Solutions - 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\/2024\/06\/25\/fx-inflows-and-exchange-rate-stability-boost-banking-sector-forecasts-says-fitch-solutions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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Net foreign assets at banks increased to USD 2.9 bn in October, continuing to rebound after having turned positive in September. 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The government received last week a USD 2.8 bn rapid financing instrument (RFI) and is looking for as much as USD 5.5 bn under\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\/2020\/5\/170.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586113,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/fitch-ratings-downgrades-our-credit-rating-for-the-first-time-since-2013\/","url_meta":{"origin":625255,"position":5},"title":"Fitch Ratings downgrades our credit rating for the first time since 2013","author":"enterpriseam admin","date":"7 May 2023","format":false,"excerpt":"Medium-term debt sustainability at risk","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/273.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\/625255","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=625255"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/625255\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/625248"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/625256"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=625255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=625255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=625255"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=625255"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=625255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}