{"id":647471,"date":"2017-05-11T03:59:03","date_gmt":"2017-05-11T03:59:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/11\/fx-problems-in-egypt-starting-to-fade-bloomberg\/"},"modified":"2017-05-11T03:59:03","modified_gmt":"2017-05-11T03:59:03","slug":"fx-problems-in-egypt-starting-to-fade-bloomberg","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/11\/fx-problems-in-egypt-starting-to-fade-bloomberg\/","title":{"rendered":"FX problems in Egypt starting to fade -Bloomberg"},"content":{"rendered":"

<\/a> The easing of bank restrictions on credit card usage abroad is another sign that the <\/strong>foreign exchange problems \u201chave finally been dealt with and started to fade,\u201d<\/strong> Capital Economics\u2019 Jason Tuvey tells Bloomberg<\/a>. \u201cWe\u2019ve seen a sharp increase in foreign-exchange reserves, and there\u2019s been a flow of [USD] that was in the black market moving into the official banking system,\u201d he adds. So far, CIB, Banque Misr, National Bank of Egypt, and HSBC have removed caps on credit card usage abroad. Bloomberg notes, however, that the economic recovery is \u201cfar from complete,\u201d citing a BMI research saying reform measures are expected to weigh on economic growth as \u201crising investment will not be sufficient to offset the negative impact of high inflation on private consumption.\u201d BMI added that while inflation has likely peaked, measures including subsidy cuts will continue to squeeze consumers and businesses.<\/p>\n

\u2026Separately, foreign investments in Egyptian government securities rose to EGP 103.6<\/strong>bn as of 9 May<\/strong>, said Sami Khallaf, the head of public debt at the Finance Ministry, according to Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The easing of bank restrictions on credit card usage abroad is another sign that the foreign exchange problems \u201chave finally been dealt with and started to fade,\u201d Capital Economics\u2019 Jason Tuvey tells Bloomberg. \u201cWe\u2019ve seen a sharp increase in foreign-exchange reserves, and there\u2019s been a flow of [USD] that was in the black market moving […]<\/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-647471","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"6f55ce96-277d-4bf7-9773-207da4cff167","order":"0","is_powered_by":true,"section_story_id":"5efb9406-9570-43d3-a78f-2c981fce6646","story_type":"1","photo_url":"","photo_position":"above","related_issue":[647464],"teaser":"","voice_url":""},"yoast_head":"\nFX problems in Egypt starting to fade -Bloomberg - 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\/05\/11\/fx-problems-in-egypt-starting-to-fade-bloomberg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FX problems in Egypt starting to fade -Bloomberg\" \/>\n<meta property=\"og:description\" content=\"The easing of bank restrictions on credit card usage abroad is another sign that the foreign exchange problems \u201chave finally been dealt with and started to fade,\u201d Capital Economics\u2019 Jason Tuvey tells Bloomberg. \u201cWe\u2019ve seen a sharp increase in foreign-exchange reserves, and there\u2019s been a flow of [USD] that was in the black market moving […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/05\/11\/fx-problems-in-egypt-starting-to-fade-bloomberg\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-11T03:59:03+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\/05\/11\/fx-problems-in-egypt-starting-to-fade-bloomberg\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/05\/11\/fx-problems-in-egypt-starting-to-fade-bloomberg\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FX problems in Egypt starting to fade -Bloomberg\",\"datePublished\":\"2017-05-11T03:59:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/05\/11\/fx-problems-in-egypt-starting-to-fade-bloomberg\/\"},\"wordCount\":182,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/05\/11\/fx-problems-in-egypt-starting-to-fade-bloomberg\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/05\/11\/fx-problems-in-egypt-starting-to-fade-bloomberg\/\",\"name\":\"FX problems in Egypt starting to fade -Bloomberg - 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We are glad that there is some slightly positive news to share on the local front. THE BIG STORY TODAYCBE to loosen restrictions on credit card use abroad: The CBE will allow credit card users access to their usual FX transaction limits without having\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549943,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/09\/major-local-banks-set-withdrawal-limits-on-using-debit-and-credit-cards-abroad-cbe-reportedly-mulls-allowing-ndfs-to-trade\/","url_meta":{"origin":647471,"position":1},"title":"Major local banks set withdrawal limits on using debit and credit cards abroad + CBE reportedly mulls allowing NDFs to trade","author":"enterpriseam admin","date":"9 October 2022","format":false,"excerpt":"At least four major banks have in recent days imposed limits on foreign exchange use in what pundits say is a move to conserve hard currency. The changes come at the same time as the central bank is reportedly debating whether to allow the introduction of on-shore non-deliverable forwards (NDFs)\u2026","rel":"","context":"In "FOREIGN EXCHANGE"","block_context":{"text":"FOREIGN EXCHANGE","link":"https:\/\/enterpriseam.com\/egypt\/category\/foreign-exchange\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/150.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626561,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/fitchs-bmi-research-sees-monetary-easing-cycle-continuing-this-year\/","url_meta":{"origin":647471,"position":2},"title":"Fitch\u2019s BMI Research sees monetary easing cycle continuing this year","author":"enterpriseam admin","date":"5 July 2018","format":false,"excerpt":"Fitch\u2019s BMI Research sees monetary easing cycle continuing this year: Fitch Group\u2019s BMI Research expects the CBE to resume the monetary easing in the next two quarters, as it looks to boost private sector growth, the firm said in its North Africa report. The easing will take place gradually, as\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":632345,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/08\/economic-growth-in-egypt-to-reach-5-5-in-2018-19-bloomberg-economics\/","url_meta":{"origin":647471,"position":3},"title":"Economic growth in Egypt to reach 5.5% in 2018-19 -Bloomberg Economics","author":"enterpriseam admin","date":"8 February 2018","format":false,"excerpt":"Economic growth in Egypt is expected to accelerate to 5.5% in FY 2018-19, Bloomberg Economics\u2019 Chief Middle East Economist Ziad Daoud expects, according to CPI Financial. He sees four tailwinds supporting growth in Egypt. First is declining inflation rates. Second are the lower interest rates expected, which \u201cshould boost growth\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":638780,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/15\/foreign-portfolio-inflows-to-egypt-could-be-nearing-peak-bloomberg\/","url_meta":{"origin":647471,"position":4},"title":"Foreign portfolio inflows to Egypt could be nearing peak -Bloomberg","author":"enterpriseam admin","date":"15 October 2017","format":false,"excerpt":"Foreign investors\u2019 appetite for EGP-denominated debt might be easing, Bloomberg suggests. 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