{"id":648115,"date":"2017-05-29T03:47:35","date_gmt":"2017-05-29T03:47:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/29\/usd-1-bn-in-foreign-inflows-in-two-days-following-interest-rate-hikes\/"},"modified":"2017-05-29T03:47:35","modified_gmt":"2017-05-29T03:47:35","slug":"usd-1-bn-in-foreign-inflows-in-two-days-following-interest-rate-hikes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/29\/usd-1-bn-in-foreign-inflows-in-two-days-following-interest-rate-hikes\/","title":{"rendered":"USD 1 bn in foreign inflows in two days following interest rate hikes"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>USD 1 bn in foreign inflows in two days following interest rate hike:<\/strong> Nearly USD 1 bn in \u201cforeign investment\u201d (read this as \u201cthe carry trade,\u201d we\u2019d say) flowed into Egypt within two days of the central bank\u2019s Monetary Policy Committee hiking interest rates by 200 bps, CBE Governor Tarek Amer said on Sunday. Defending <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/22\/mpc-hikes-key-interest-rates-200-bps\/\">last week\u2019s surprise decision<\/a>, Amer said the level of investment inflows that followed the hike \u201chas not happened in the history of Egypt\u201d and \u201creflected the success and soundness of the monetary policy,\u201d according to statements made to MENA news agency picked up by <a href=\"http:\/\/www.reuters.com\/article\/egypt-cenbank-idUSL8N1IU0JY\">Reuters<\/a>.<\/p>\n<p>Last week\u2019s decision to raise interest rates <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/23\/rencap-praises-rate-hike-as-mobius-local-investors-disagree\/\">was widely criticized<\/a> by many in the Egyptian business community, who believe that the move will stifle domestic investment and do little to curb inflation in a nation that remains largely unbanked. Amer, meanwhile, has countered that the CBE hiked rates independent of any pressure from the IMF, noting that while higher interest rates eat into corporate profits, inflation eats at invested capital.<\/p>\n<p><strong>Foreign investment in Egyptian treasuries have apparently reached USD 7 bn<\/strong> since the EGP float in November, <a href=\"http:\/\/www.elborsanews.com\/2017\/05\/28\/1026896\">Al Borsa<\/a> reports, citing a source from the CBE.<\/p>\n<p>Amer also announced that <strong>the banking sector had collectively drawn in USD 25 bn <\/strong><strong>since the EGP float last November.<\/strong> He also repeated <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/17\/what-were-tracking-on-17-may-2017\/\">promises<\/a> that Egypt will make good on USD 750 mn in arrears owed to international oil companies in June, <a href=\"http:\/\/www.shorouknews.com\/news\/view.aspx?cdate=28052017&id=ad56a46d-8c08-40a0-b897-1d0c2c81ef07\">Al Shorouk<\/a> reports.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>USD 1 bn in foreign inflows in two days following interest rate hike: Nearly USD 1 bn in \u201cforeign investment\u201d (read this as \u201cthe carry trade,\u201d we\u2019d say) flowed into Egypt within two days of the central bank\u2019s Monetary Policy Committee hiking interest rates by 200 bps, CBE Governor Tarek Amer said on Sunday. Defending [&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-648115","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8abe0f93-5038-4a13-8c42-178edb8fda98","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[648108],"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>USD 1 bn in foreign inflows in two days following interest rate hikes - 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\/29\/usd-1-bn-in-foreign-inflows-in-two-days-following-interest-rate-hikes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USD 1 bn in foreign inflows in two days following interest rate hikes\" \/>\n<meta property=\"og:description\" content=\"USD 1 bn in foreign inflows in two days following interest rate hike: Nearly USD 1 bn in \u201cforeign investment\u201d (read this as \u201cthe carry trade,\u201d we\u2019d say) flowed into Egypt within two days of the central bank\u2019s Monetary Policy Committee hiking interest rates by 200 bps, CBE Governor Tarek Amer said on Sunday. Defending [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/05\/29\/usd-1-bn-in-foreign-inflows-in-two-days-following-interest-rate-hikes\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-29T03:47:35+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\/29\/usd-1-bn-in-foreign-inflows-in-two-days-following-interest-rate-hikes\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/05\/29\/usd-1-bn-in-foreign-inflows-in-two-days-following-interest-rate-hikes\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"USD 1 bn in foreign inflows in two days following interest rate hikes\",\"datePublished\":\"2017-05-29T03:47:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/05\/29\/usd-1-bn-in-foreign-inflows-in-two-days-following-interest-rate-hikes\/\"},\"wordCount\":251,\"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\/29\/usd-1-bn-in-foreign-inflows-in-two-days-following-interest-rate-hikes\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/05\/29\/usd-1-bn-in-foreign-inflows-in-two-days-following-interest-rate-hikes\/\",\"name\":\"USD 1 bn in foreign inflows in two days following interest rate hikes - 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Portfolio flows should pick up over the next six months if Egyptian debt is made \u201cEuroclearable\u201d and the country\u2019s local-currency\u2026","rel":"","context":"In &quot;SPEED ROUND: ECONOMY&quot;","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/340.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592417,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/cbe-makes-surprise-100-bps-rate-hike\/","url_meta":{"origin":648115,"position":1},"title":"CBE makes surprise 100-bps rate hike","author":"enterpriseam admin","date":"6 August 2023","format":false,"excerpt":"Analysts had expected the central bank to keep rates on hold","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/206.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":648115,"position":2},"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 &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\/2020\/9\/80.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572495,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/28\/in-line-with-consensus-central-bank-of-egypt-leaves-rates-on-hold-in-june-meeting\/","url_meta":{"origin":648115,"position":3},"title":"In line with consensus, Central Bank of Egypt leaves rates on hold in June meeting","author":"enterpriseam admin","date":"28 June 2020","format":false,"excerpt":"CBE leaves rates on hold, in line with expectations: The Central Bank of Egypt left interest rates unchanged for the third consecutive meeting on Thursday, citing falling inflation, improving global financial conditions, and expectations of an economic recovery in a statement (pdf). This was in line with analysts and economists\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":568839,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egp-overvaluation-to-surpass-20-in-the-coming-two-years-rencap\/","url_meta":{"origin":648115,"position":4},"title":"EGP overvaluation to surpass 20% in the coming two years -RenCap","author":"enterpriseam admin","date":"5 February 2020","format":false,"excerpt":"EGP overvaluation to surpass 20% in the coming two years -RenCap: Renaissance Capital has become \u201cmore bullish\u201d on the trajectory of the EGP over the coming two years, forecasting the currency to remain stable this year before falling to EGP 16.2 against the greenback during 2021. In a report issued\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\/2020\/2\/70.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":645941,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/01\/foreign-investment-in-treasuries-up-13-in-the-past-week-alone\/","url_meta":{"origin":648115,"position":5},"title":"Foreign investment in treasuries up 13% in the past week alone","author":"enterpriseam admin","date":"1 June 2017","format":false,"excerpt":"Foreign investment in Egyptian treasuries increased 13% in the past week to EGP 136 bn (USD 7.5 bn), the Finance Ministry\u2019s head of public debt, Sami Khallaf, told Reuters. The increase followed the central bank\u2019s decision to raise interest rates by 200 bps. Central Bank Governor Tarek Amer described the\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/648115","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=648115"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/648115\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/648108"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=648115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=648115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=648115"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=648115"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=648115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}