{"id":641330,"date":"2017-09-19T04:05:45","date_gmt":"2017-09-19T04:05:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/19\/monthly-inflation-peaked-economy-wont-see-negative-impact-from-us-rate-increase-amer\/"},"modified":"2017-09-19T04:05:45","modified_gmt":"2017-09-19T04:05:45","slug":"monthly-inflation-peaked-economy-wont-see-negative-impact-from-us-rate-increase-amer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/19\/monthly-inflation-peaked-economy-wont-see-negative-impact-from-us-rate-increase-amer\/","title":{"rendered":"Monthly inflation peaked, economy won\u2019t see negative impact from US rate increase -Amer"},"content":{"rendered":"

<\/a> Central Bank Governor Tarek Amer does not appear too worried about the US Federal <\/strong>Reserve\u2019s impending rate increase<\/strong>, saying in a strong, wide-ranging interview that the expectations has already been built in. \u201cWe don\u2019t see this as affecting us so much right now,\u201d he tells Bloomberg TV\u2019s Yousef Gamal El-Din<\/a> (runtime: 16:05). The economy can respond to the rate increase with \u201cgood policy\u201d and Amer notes that Egypt already has sufficient reserves to act as buffers and respond to any potential changes in the sentiment or appetite of investors. \u201cOur exposure to the external world is not that substantial or significant so that we are concerned about the changes in investor sentiment on emerging markets.\u201d<\/p>\n

Monthly inflation has \u201cpeaked,\u201d Amer believes.<\/strong> The comments could be construed as a hint that the central bank is looking at a timeline on which to lower interest rates, as the Monetary Policy Committee said in July that it sees a \u201cmeasured easing of the monetary policy stance to allow for a reduction in interest rates\u201d as soon as \u201cunderlying inflation\u201d starts to moderate. \u201cI am getting more comfortable, much more comfortable,\u201d Amer said<\/strong>. Amer has clear targets for the inflation path, saying the target for 2H2018 is 13% and he expects the rates to stabilise at around 7% in the medium term. (Our gut still tells us rates won\u2019t come down before the final meeting of the year, scheduled for 28 December<\/a>.)<\/p>\n

The economy is responding comfortably to reforms, Amer said<\/strong>. \u201cWe are in the right direction and we are moving very fast \u2026 We\u2019ve been aggressive in our monetary policy, and this has been resisted a bit \u2026 But we thought it\u2019s important so we can get our shop fixed very quickly.\u201d<\/p>\n

Amer expects workers\u2019 remittances to exceed USD 25 bn <\/strong>and says the central bank will continue working on integrating the parallel economy and to promote financial inclusion. After addressing monetary policy and working on the fiscal discipline, the Egyptian economy is now telling a different story \u2014 \u201cWe bit the bullet, put it on the right track\u201d \u2014 and it is now diversified and not just locked-in in just short-dated treasuries.<\/p>\n

\u201cThe investors are ahead of Moody\u2019s and rating agencies,\u201d Amer told Bloomberg<\/strong>, commenting on the former\u2019s decision not to upgrade Egypt\u2019s credit rating or shift its outlook to positive. \u201cIf the investors are here, that\u2019s all what matters,\u201d he says pointing to around USD 30 bn in investments through FDI and portfolio inflows. \u201cIf the ratings agencies are lagging behind, I think this is up to them.\u201d<\/p>\n

The \u201ctough\u201d economic reform measures and decisions are \u201cdone,\u201d Amer said<\/strong>. The next IMF review is just a \u201cregular review \u2026 the program is working very fine.\u201d He reiterated that the reform program is homegrown and the IMF was only brought in to enforce \u201cdiscipline\u201d and ensure the \u201cfiscal\u201d side is under control.<\/p>\n

Movements in the exchange rate against the USD have not been substantial because <\/strong>\u201cit is a very thin market,\u201d<\/strong> Amer told Gamal El-Din. \u201cIt is not a reference market, it is a very thin market \u2026 it doesn\u2019t represent,\u201d he explains. \u201cI cannot comment on [the current FX rate], but I can tell you \u2026 local industry is emerging very quickly, exports are emerging very quickly, and we expect this to continue \u2026 we are happy that the fundamentals are working.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Central Bank Governor Tarek Amer does not appear too worried about the US Federal Reserve\u2019s impending rate increase, saying in a strong, wide-ranging interview that the expectations has already been built in. \u201cWe don\u2019t see this as affecting us so much right now,\u201d he tells Bloomberg TV\u2019s Yousef Gamal El-Din (runtime: 16:05). The economy can […]<\/p>\n","protected":false},"author":1,"featured_media":641331,"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-641330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"01c25098-ce79-461b-98d0-7efdce918e7d","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2017\/9\/1006.png","photo_position":"above","related_issue":[641325],"teaser":"","voice_url":""},"yoast_head":"\nMonthly inflation peaked, economy won\u2019t see negative impact from US rate increase -Amer - 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\/09\/19\/monthly-inflation-peaked-economy-wont-see-negative-impact-from-us-rate-increase-amer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monthly inflation peaked, economy won\u2019t see negative impact from US rate increase -Amer\" \/>\n<meta property=\"og:description\" content=\"Central Bank Governor Tarek Amer does not appear too worried about the US Federal Reserve\u2019s impending rate increase, saying in a strong, wide-ranging interview that the expectations has already been built in. \u201cWe don\u2019t see this as affecting us so much right now,\u201d he tells Bloomberg TV\u2019s Yousef Gamal El-Din (runtime: 16:05). 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Amer","author":"enterpriseam admin","date":"7 February 2018","format":false,"excerpt":"CBE to start loosening monetary policy \u201csoon\u201d: The central bank plans to start easing monetary policy \u201csoon\u201d once it is sure that inflation is under control, CBE Governor Tarek Amer said at a press conference on Tuesday on the sidelines of the Seamless North Africa digital and fintech conference. \u201cWe\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\/2\/1716.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574340,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/07\/inflation-to-rise-to-6-2-in-4q-amer\/","url_meta":{"origin":641330,"position":1},"title":"Inflation to rise to 6.2% in 4Q- Amer","author":"enterpriseam admin","date":"7 September 2020","format":false,"excerpt":"Amer sees slight uptick in inflation in the final quarter of the year: Egypt\u2019s annual inflation rate is expected to average around 6.2% during the fourth quarter of 2020, CBE Governor Tarek Amer said at a cabinet meeting, according to a statement. Amer noted that inflation has held steady within\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\/9\/80.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570385,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/amer-talks-covid-19-and-the-egyptian-economy\/","url_meta":{"origin":641330,"position":2},"title":"Amer talks covid-19 and the Egyptian economy","author":"enterpriseam admin","date":"30 March 2020","format":false,"excerpt":"Amer talks covid-19 and the Egyptian economy: Central Bank of Egypt Governor Tarek Amer yesterday phoned into Sada El Balad for a wide-ranging conversation with talk show host Ahmed Moussa on the current state of the Egyptian economy and how the central bank is responding to the covid-19 pandemic. You\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\/3\/340.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628778,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/14\/banking-act-will-be-ready-in-july\/","url_meta":{"origin":641330,"position":3},"title":"Banking Act will be ready in July","author":"enterpriseam admin","date":"14 May 2018","format":false,"excerpt":"LEGISLATION WATCH- Banking Act will be ready in June: The Banking Act will be ready and presented to the Ismail Cabinet on 1 June, CBE Governor Tarek Amer said in at workshop on the economy held by Al Ahram. The law would reduce the power of the CBE governor by\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":594091,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/20\/central-bank-of-egypts-amer-promotes-reform-journey-in-iif-speech\/","url_meta":{"origin":641330,"position":4},"title":"Central Bank of Egypt\u2019s Amer promotes reform journey in IIF speech","author":"enterpriseam admin","date":"20 October 2019","format":false,"excerpt":"Egypt\u2019s banking sector has a lot of upside potential \u2014 and the way forward is to continue enacting structural reforms,Central Bank of Egypt (CBE) Governor Tarek Amer said during a keynote speech at the Institute of International Finance (IIF) annual meeting in Washington (watch, runtime: 23:35). Amer noted that 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\/2020\/3\/345.jpg?fit=%2C&ssl=1&resize=350%2C200","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":641330,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/641330","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=641330"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/641330\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/641325"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/641331"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=641330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=641330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=641330"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=641330"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=641330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}