{"id":636923,"date":"2017-11-05T03:44:20","date_gmt":"2017-11-05T03:44:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/05\/float-drove-government-to-spend-egp-100-bn-over-budget-sources-say\/"},"modified":"2017-11-05T03:44:20","modified_gmt":"2017-11-05T03:44:20","slug":"float-drove-government-to-spend-egp-100-bn-over-budget-sources-say","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/05\/float-drove-government-to-spend-egp-100-bn-over-budget-sources-say\/","title":{"rendered":"Float drove government to spend EGP 100 bn over budget, sources say"},"content":{"rendered":"

<\/a> The EGP float caused the government to spend over EGP 100 bn more <\/strong>than it planned in FY2016-17<\/strong>, three sources told Reuters<\/a>. The increased spending was needed to cover additional cost of importing fuel and wheat. Higher borrowing costs were also a factor, and the government will now seek parliamentary approval for the overspend, the sources aid.<\/p>\n

On a positive note, Egypt\u2019s banking sector had drawn in USD 56 bn from depositors <\/strong>since the EGP float<\/strong>, CBE Deputy Governor Gamal Negm said, according to AMAY<\/a>. Last week<\/a>, to mark the \u201cfloat-a-versary,\u201d CBE governor Tarek Amer had said inflows have risen to USD 80 bn since last November. Foreign investment in Egyptian securities has increased to USD 18.8 bn in October since the EGP float last November, a Finance Ministry official told Reuters on Thursday<\/a>. Meanwhile, remittances from expatriates rose 24.4% y-o-y to USD 1.17 bn for the month of September,according to Reuters<\/a>. August had seen a rise of 40% y-o-y which brought the total since the float to USD 16.3 bn<\/a>, a rise of 17.3% for the same period a year before.<\/p>\n

Proof a floating currency works:<\/strong> \u201cEgypt\u2019s transition from a struggling economy to one of Africa\u2019s revival stories in 12 straight months is adding to evidence that a free-floating currency works,\u201d writes Bloomberg\u2019s Srinivasan Sivabalan<\/a>. \u201cEconomic expansion has accelerated to the fastest pace in seven years, non-oil exports and tourism are growing at double-digit rates and stocks trade near record highs. All without the central bank having to spend a fortune defending the currency,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGP float caused the government to spend over EGP 100 bn more than it planned in FY2016-17, three sources told Reuters. The increased spending was needed to cover additional cost of importing fuel and wheat. Higher borrowing costs were also a factor, and the government will now seek parliamentary approval for the overspend, the […]<\/p>\n","protected":false},"author":1,"featured_media":636924,"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-636923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"9b27d547-9b98-46b0-95c1-b022843caa6e","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2017\/11\/1076.jpg","photo_position":"above","related_issue":[636917],"teaser":"","voice_url":""},"yoast_head":"\nFloat drove government to spend EGP 100 bn over budget, sources say - 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\/2017\/11\/05\/float-drove-government-to-spend-egp-100-bn-over-budget-sources-say\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Float drove government to spend EGP 100 bn over budget, sources say\" \/>\n<meta property=\"og:description\" content=\"The EGP float caused the government to spend over EGP 100 bn more than it planned in FY2016-17, three sources told Reuters. 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The statement and an official notice from the CBE\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":649160,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/24\/cbe-provides-usd-28-bn-in-trade-financing-since-egp-float\/","url_meta":{"origin":636923,"position":1},"title":"CBE provides USD 28 bn in trade financing since EGP float","author":"enterpriseam admin","date":"24 April 2017","format":false,"excerpt":"The central bank provided USD 28 bn for foreign trade financing from 3 November through 10 April, CBE Assistant Sub Governor Tarek Fayed said. Al Masry Al Youm adds the trade finance included collecting USD 19 bn worth of letters of credit and the opening USD 9 bn in new\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642356,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/13\/inflows-hit-usd-40-bn-since-egp-float\/","url_meta":{"origin":636923,"position":2},"title":"Inflows hit USD 40 bn since EGP float","author":"enterpriseam admin","date":"13 August 2017","format":false,"excerpt":"Egypt has pulled in USD 40 bn worth of inbound investment and transfers from abroad since the EGP float in November, said CBE Deputy Governor Rami Aboul Naga on Thursday. The influx comes from receipts from exports, the carry trade, and de-USDization (either on the local market or through remittances)\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":651962,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/26\/cbe-governor-tarek-amer-downplays-negative-impact-of-egp-float-touches-on-key-indicators-in-televised-interview\/","url_meta":{"origin":636923,"position":3},"title":"CBE Governor Tarek Amer downplays negative impact of EGP float, touches on key indicators in televised interview","author":"enterpriseam admin","date":"26 February 2017","format":false,"excerpt":"Central Bank of Egypt Governor Tarek Amer sat down for a televised interview with DMC\u2019s Osama Kamal on Friday in which he downplayed the impact of the float of the EGP and denied the central bank had subtly intervened in the market to support the national currency (watch the full\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599688,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/egypts-fx-reserves-fall-for-first-time-after-egp-float\/","url_meta":{"origin":636923,"position":4},"title":"Egypt\u2019s FX reserves fall for first time after EGP float","author":"enterpriseam admin","date":"8 January 2019","format":false,"excerpt":"Foreign reserves have fallen for the first time in two years: Egypt\u2019s net foreign reserves fell in December for the first time since the currency float, coming at USD 42.551 bn fromUSD 44.513 bn at the end of November, the CBE said yesterday. The fall is attributed to year-end interest\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645978,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/01\/banks-cover-usd-35-bn-in-imports-since-egp-float\/","url_meta":{"origin":636923,"position":5},"title":"Banks cover USD 35 bn in imports since EGP float","author":"enterpriseam admin","date":"1 June 2017","format":false,"excerpt":"The banking sector has covered USD 35 bn in imports since the EGP was floated back in November until May 2017, said CBE Sub-Governor Tarek Fayed in a emailed statement. Banks covered USD 25 bn in letters of credit to importers and have issued USD 10 bn in new LCs\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"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\/636923","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=636923"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/636923\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/636917"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/636924"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=636923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=636923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=636923"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=636923"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=636923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}