{"id":630651,"date":"2018-04-29T04:08:27","date_gmt":"2018-04-29T04:08:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/29\/among-the-many-reasons-fx-stability-is-the-order-of-the-day-for-the-coming-12-months\/"},"modified":"2018-04-29T04:08:27","modified_gmt":"2018-04-29T04:08:27","slug":"among-the-many-reasons-fx-stability-is-the-order-of-the-day-for-the-coming-12-months","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/29\/among-the-many-reasons-fx-stability-is-the-order-of-the-day-for-the-coming-12-months\/","title":{"rendered":"Among the many reasons FX stability is the order of the day for the coming 12 months"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Three of the many reasons you shouldn\u2019t expect significant changes in the FX rate over the coming 12 months:<\/strong><\/p>\n<p><strong>#1\u2013 Thomas Cook is calling it \u2014 the tourism \u201cterror slump\u201d is over:<\/strong> Holiday bookings giant Thomas Cook says the Mideast tourism slump that came on the back of terror attacks is over. Bookings for Egypt, Turkey and Tunisia are picking up, CEO Peter Fankhauser <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-04-26\/thomas-cook-declares-terror-slump-over-as-tunisia-bookings-jump\">tells Bloomberg in an interview<\/a>. Demand is being driven by a perceived lower terror threat as time passes, combined with a jump in the cost of vacations in Spain, he added. \u201cEgypt is also recovering, though flights to Sharm El Sheikh remain grounded after the suspected bombing of a departing Russian jet in 2015, with the rival Red Sea resorts of Hurghada and Marsa Alam picking up the slack. The latter has become a \u201cmixed\u201d resort with Britons joining the German visitors who previously dominated,\u201d he said.<\/p>\n<p><strong>#2\u2013 Egypt\u2019s non-oil exports grew 15% y-o-y in 1Q2018 <\/strong>to USD 6.3bn, up from USD 5.5 bn in the same period last year, Trade and Industry Minister Tarek Kabil <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/1666048786797249\">said in a statement on Friday<\/a>. Egypt\u2019s foreign trade grew 9% y-o-y for the quarter to USD 21.3 bn, bringing Egypt\u2019s total trade deficit down 2% y-o-y, Kabil added. The figures highlight the success of the ministry\u2019s strategy to boost exports and lower imports, he added. Egypt\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/01\/egypt-account-deficit-narrows-64-to-usd-3-4-bn-in-1h2017-18\/\">account deficit had fallen 64% y-o-y<\/a> to USD 3.4 bn in 1H2017-18, primary come on the back of higher tourism, remittances and an increase in merchandise exports.<\/p>\n<p><strong>#3\u2013 Egypt is among the world\u2019s top recipients of remittances in 2017 with around USD 20 bn received<\/strong>, according to a <a href=\"http:\/\/www.worldbank.org\/en\/news\/press-release\/2018\/04\/23\/record-high-remittances-to-low-and-middle-income-countries-in-2017\">report on Monday from the World Bank<\/a>. Egypt came in sixth overall, following India (USD 69 bn), China (USD 64 bn), the Philippines (USD 33 bn), Mexico (USD 31 bn), and Nigeria (USD 22 bn). Strong inflows into Egypt was a main driver behind a 9.3% y-o-y growth in remittances to the MENA region to USD 53 bn. The outlook for growth in regional remittances is dampened by tighter foreign-worker policies in Saudi Arabia in 2018. \u201cCuts in subsidies, increase in various fees and the introduction of a value added tax in Saudi Arabia and the UAE have increased the cost of living for expatriate workers. In 2018, growth in remittances to the region is expected to moderate to 4.4% to USD 56 bn.\u201d Globally, remittances to low- and middle-income countries rose 8.5% y-o-y to USD 466 bn in 2017, while overall global remittances, which include flows to high-income countries, grew 7% to USD 613 bn in 2017.<\/p>\n<p>Against that background: <strong>BNP Paribas says it\u2019s in Egypt\u2019s short-term interest to limit EGP appreciation<\/strong> and maintain the country\u2019s attractiveness with international investors. \u201cThe exchange rate\u2019s upside potential also seems to be limited, even though capital flows should continue to provide support in the short term,\u201d writes the bank\u2019s <a href=\"http:\/\/economic-research.bnpparibas.com\/Views\/DisplayPublication.aspx?type=document&IdPdf=30902\">senior economist Pascal Devaux<\/a>. All in all, he sees the CBE cutting interest rates by as much 400 bps in 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three of the many reasons you shouldn\u2019t expect significant changes in the FX rate over the coming 12 months: #1\u2013 Thomas Cook is calling it \u2014 the tourism \u201cterror slump\u201d is over: Holiday bookings giant Thomas Cook says the Mideast tourism slump that came on the back of terror attacks is over. Bookings for Egypt, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-630651","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"e518f16a-52f1-4846-9478-55c43194aa95","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[630645],"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>Among the many reasons FX stability is the order of the day for the coming 12 months - 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\/04\/29\/among-the-many-reasons-fx-stability-is-the-order-of-the-day-for-the-coming-12-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Among the many reasons FX stability is the order of the day for the coming 12 months\" \/>\n<meta property=\"og:description\" content=\"Three of the many reasons you shouldn\u2019t expect significant changes in the FX rate over the coming 12 months: #1\u2013 Thomas Cook is calling it \u2014 the tourism \u201cterror slump\u201d is over: Holiday bookings giant Thomas Cook says the Mideast tourism slump that came on the back of terror attacks is over. 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Other tour\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":599292,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/thomas-cook-egypt-holiday-bookings-are-up-as-company-prepares-to-open-two-new-hotels-in-el-gouna\/","url_meta":{"origin":630651,"position":2},"title":"Thomas Cook Egypt holiday bookings are up as company prepares to open two new hotels in El Gouna","author":"enterpriseam admin","date":"24 June 2019","format":false,"excerpt":"British travel company Thomas Cook\u2019s summer bookings in Egypt are up 15% y-o-y, while winter 2019\/2020 bookings have increased 57% y-o-y, the company\u2019s chief of tour operating said in a press release. The company also confirmed that it will open two new hotels in El Gouna later this year. The\u2026","rel":"","context":"In &quot;Tourism&quot;","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595367,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/thousands-of-thomas-cook-reservations-in-egypt-canceled-as-company-goes-bust\/","url_meta":{"origin":630651,"position":3},"title":"Thousands of Thomas Cook reservations in Egypt canceled as company goes bust","author":"enterpriseam admin","date":"24 September 2019","format":false,"excerpt":"Thousands of Thomas Cook reservations in Egypt canceled as company goes bust: Egypt could lose thousands of tourists after British travel group Thomas Cook yesterday went into liquidation. Local operator Blue Sky Group was expecting 100k tourists to visit Egypt via Thomas Cook in 2020 and has canceled 25k reservations\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\/2019\/9\/2491.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628995,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/egypt-bookings-contributes-to-thomas-cooks-5-growth\/","url_meta":{"origin":630651,"position":4},"title":"Egypt bookings contributes to Thomas Cook\u2019s 5% growth","author":"enterpriseam admin","date":"20 May 2018","format":false,"excerpt":"Bookings to Egypt and long-haul destinations have increased Thomas Cook\u2019s revenues by 5% to GBP 3.2 bn in the six-month period ending March 2018, according to tourism portal FVW. 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