{"id":646227,"date":"2017-06-08T03:52:19","date_gmt":"2017-06-08T03:52:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/08\/egp-is-still-overvalued-no-longer-in-free-float-werr\/"},"modified":"2017-06-08T03:52:19","modified_gmt":"2017-06-08T03:52:19","slug":"egp-is-still-overvalued-no-longer-in-free-float-werr","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/08\/egp-is-still-overvalued-no-longer-in-free-float-werr\/","title":{"rendered":"EGP is still overvalued, no longer in free float -Werr"},"content":{"rendered":"<p><strong>The EGP is \u201covervalued\u201d and \u201cno longer floats freely,\u201d<\/strong> Patrick Werr claims in <a href=\"http:\/\/www.thenational.ae\/business\/economy\/egypt-faces-a-dilemma-over-its-currency-policy\">The National<\/a>. He says a \u201cnew currency crunch may be inevitable in the coming few weeks when the central bank eases restrictions on transferring money out of the country.\u201d Werr says the EGP is getting \u201cless and less convertible\u201d and cites the refusal of his bank, Emirates NBD, to renew his USD 6 NYT subscription as evidence. Setting aside our inability to get as good a price on an NYT sub as Werr (the best we can find is an introductory offer of USD 7.52 or so a month, and we\u2019re paying USD 35 for our package), Werr\u2019s claim runs counter to multiple reports of Egyptian banks dropping restrictions on the use of credit cards abroad and on the internet. We\u2019ve recently used credit cards from three different banks to settle online purchases and have made transfers abroad in the last couple of days without a hitch. Werr is a writer with a wide audience in ENBD\u2019s home market \u2014 someone from customer service might want to give him a ring if the claim holds up.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EGP is \u201covervalued\u201d and \u201cno longer floats freely,\u201d Patrick Werr claims in The National. He says a \u201cnew currency crunch may be inevitable in the coming few weeks when the central bank eases restrictions on transferring money out of the country.\u201d Werr says the EGP is getting \u201cless and less convertible\u201d and cites the [&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":[7233],"tags":[2386,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-646227","post","type-post","status-publish","format-standard","hentry","category-egypt-in-the-news","tag-egypt-in-the-news","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"a3af0d6e-650c-4ed0-8a83-41ec4d6b9368","order":"0","is_powered_by":true,"section_story_id":"998363cc-6211-4b6f-bdae-03f9e82dbcb3","story_type":"1","photo_url":"","photo_position":"above","related_issue":[646207],"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>EGP is still overvalued, no longer in free float -Werr - 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\/06\/08\/egp-is-still-overvalued-no-longer-in-free-float-werr\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGP is still overvalued, no longer in free float -Werr\" \/>\n<meta property=\"og:description\" content=\"The EGP is \u201covervalued\u201d and \u201cno longer floats freely,\u201d Patrick Werr claims in The National. He says a \u201cnew currency crunch may be inevitable in the coming few weeks when the central bank eases restrictions on transferring money out of the country.\u201d Werr says the EGP is getting \u201cless and less convertible\u201d and cites the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/08\/egp-is-still-overvalued-no-longer-in-free-float-werr\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-08T03:52:19+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/08\/egp-is-still-overvalued-no-longer-in-free-float-werr\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/08\/egp-is-still-overvalued-no-longer-in-free-float-werr\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EGP is still overvalued, no longer in free float -Werr\",\"datePublished\":\"2017-06-08T03:52:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/08\/egp-is-still-overvalued-no-longer-in-free-float-werr\/\"},\"wordCount\":199,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Egypt in the News\",\"EnterpriseAM\"],\"articleSection\":[\"EGYPT IN THE NEWS\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/08\/egp-is-still-overvalued-no-longer-in-free-float-werr\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/08\/egp-is-still-overvalued-no-longer-in-free-float-werr\/\",\"name\":\"EGP is still overvalued, no longer in free float -Werr - 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He says inflation before the price shock that followed the EGP flotation was already high, placing the blame on the \u201crapid expansion of the money supply over the past few years.\u201d\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":651332,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/09\/egypts-economy-in-transition-more-work-needed-to-secure-usd-sources-werr\/","url_meta":{"origin":646227,"position":2},"title":"Egypt\u2019s economy in transition, more work needed to secure USD sources -Werr","author":"enterpriseam admin","date":"9 February 2017","format":false,"excerpt":"Egyptians are going to have to tighten their belts for the time being, but an economic improvement could be nigh, Patrick Werr suggests in The National. We have not seen a positive impact from the reform measures undertaken yet because the economy is in transition and companies are re-adjusting. Werr\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":633985,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/02\/egypt-moving-closer-towards-becoming-regional-energy-hub-werr\/","url_meta":{"origin":646227,"position":3},"title":"Egypt moving closer towards becoming regional energy hub -Werr","author":"enterpriseam admin","date":"2 January 2018","format":false,"excerpt":"Egypt is moving closer to becoming a regional gas hub, Patrick Werr writes for Reuters. It is set to inaugurate a new wharf for natural gas and petroleum product tankers on the Gulf of Suez that is being built by SUMED. Werr says the \u201cwharf will have three berths to\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652295,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/05\/the-egp-will-bounce-govt-needs-to-make-terms-of-imf-package-public\/","url_meta":{"origin":646227,"position":4},"title":"The EGP will bounce, gov\u2019t needs to make terms of IMF package public","author":"enterpriseam admin","date":"5 January 2017","format":false,"excerpt":"The EGP will inevitably regain strength, but the government needs to win credibility first, Patrick Werr writes in The National. He believes that the central bank might have been \u201cquietly telling bankers in recent days not to let the currency weaken further\u201d and cross the \u201cpsychological barrier\u201d of EGP 20\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":637178,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/09\/new-administrative-capital-to-add-pressure-on-resources-werr\/","url_meta":{"origin":646227,"position":5},"title":"New administrative capital to add pressure on resources -Werr","author":"enterpriseam admin","date":"9 November 2017","format":false,"excerpt":"No one story is leading the conversation on Egypt this morning in the international press, but that doesn\u2019t mean it was a quiet night at all:Development plans for the new administrative capital will \u201cput Egypt\u2019s resources to the test,\u201d Patrick Werr writes for The National. 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