{"id":651962,"date":"2017-02-26T04:11:08","date_gmt":"2017-02-26T04:11:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/26\/cbe-governor-tarek-amer-downplays-negative-impact-of-egp-float-touches-on-key-indicators-in-televised-interview\/"},"modified":"2017-02-26T04:11:08","modified_gmt":"2017-02-26T04:11:08","slug":"cbe-governor-tarek-amer-downplays-negative-impact-of-egp-float-touches-on-key-indicators-in-televised-interview","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/26\/cbe-governor-tarek-amer-downplays-negative-impact-of-egp-float-touches-on-key-indicators-in-televised-interview\/","title":{"rendered":"CBE Governor Tarek Amer downplays negative impact of EGP float, touches on key indicators in televised interview"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Central Bank of Egypt Governor Tarek Amer sat down for a televised interview<\/strong> 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 (<a href=\"https:\/\/www.youtube.com\/watch?v=_Uv9vqjMiR4\"><strong>watch the full interview<\/strong><\/a>, runtime 1:16:36).<\/p>\n<p>Amer said he<strong> expects foreign debt to reach USD 60 bn<\/strong>, or about 30% of GDP, by June and projected the <strong>current account deficit will ease 50% to USD 10 bn this year<\/strong>, down from last year\u2019s USD 18.7 bn. <strong>Imports are down 20% so far this year. <\/strong>He also said that Egypt has managed to repay USD 3 bn in international obligations in the past three months and suggested the <strong>backlog of importers and investors<\/strong> (we presume he means public market investors) waiting for USD allocations has been cleared. The CBE and Egyptian General Petroleum Corporation are coordinating to <strong>repay USD 1.5 bn in arrears owed to international oil companies<\/strong> this year.<\/p>\n<p>Some USD 13.5 bn has flowed into local banks since the float of the EGP on 3 November, the governor said, supporting the ability of foreign companies to repatriate profits, Amer said.<\/p>\n<p>Amer emphasized that he wished he could have floated the EGP earlier and said <strong>the negative impact of the move is not as bad as originally anticipated. <\/strong>The impact of the float will be transient, he said, stressing that what matters is not the exchange rate, but political and economic stability.<\/p>\n<p><strong>Amer denied<\/strong> speculation from some, <a href=\"https:\/\/enterprise.press\/stories\/2017\/02\/21\/what-were-tracking-on-21-february-2018\/\">including Renaissance Capital chief economist Charles Robertson<\/a>, <strong>that the central bank had intervened to support the currency in a bid to curb inflation<\/strong>, helping the EGP rally against foreign currencies in the past week or so. The CBE cannot intervene in the market, he said \u2014 and doesn\u2019t need to, as Egypt is on a \u201cclear path to reform.\u201d<\/p>\n<p><strong>Expect continued volatility in the exchange rate<\/strong>, Amer said, (correctly) declining to specify when pressed what he sees as the fair value for the EGP as being.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 interview, runtime 1:16:36). Amer said [&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-651962","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"a749bbf4-dec7-49f8-8cf1-c0efd5505a55","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[651955],"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>CBE Governor Tarek Amer downplays negative impact of EGP float, touches on key indicators in televised interview - 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\/02\/26\/cbe-governor-tarek-amer-downplays-negative-impact-of-egp-float-touches-on-key-indicators-in-televised-interview\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE Governor Tarek Amer downplays negative impact of EGP float, touches on key indicators in televised interview\" \/>\n<meta property=\"og:description\" content=\"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 interview, runtime 1:16:36). Amer said [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/02\/26\/cbe-governor-tarek-amer-downplays-negative-impact-of-egp-float-touches-on-key-indicators-in-televised-interview\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-26T04:11:08+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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/02\/26\/cbe-governor-tarek-amer-downplays-negative-impact-of-egp-float-touches-on-key-indicators-in-televised-interview\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/02\/26\/cbe-governor-tarek-amer-downplays-negative-impact-of-egp-float-touches-on-key-indicators-in-televised-interview\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CBE Governor Tarek Amer downplays negative impact of EGP float, touches on key indicators in televised interview\",\"datePublished\":\"2017-02-26T04:11:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/02\/26\/cbe-governor-tarek-amer-downplays-negative-impact-of-egp-float-touches-on-key-indicators-in-televised-interview\/\"},\"wordCount\":348,\"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\/02\/26\/cbe-governor-tarek-amer-downplays-negative-impact-of-egp-float-touches-on-key-indicators-in-televised-interview\/\",\"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\/\",\"name\":\"CBE Governor Tarek Amer downplays negative impact of EGP float, touches on key indicators in televised interview - 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Here are the highlights: More reform is in the pipeline: Amer touched on a range of initiatives\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648457,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/04\/cbe-has-allocated-usd-23-bn-towards-foreign-trade-since-egp-float\/","url_meta":{"origin":651962,"position":1},"title":"CBE has allocated USD 23 bn towards foreign trade since EGP float","author":"enterpriseam admin","date":"4 April 2017","format":false,"excerpt":"The central bank allocated USD 23 bn to finance foreign trade since the EGP float last November, according to a statement from the Ismail cabinet following a meeting between CBE Governor Tarek Amer and Prime Minister Sherif Ismail on monetary policy. The statement and an official notice from the CBE\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":628778,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/14\/banking-act-will-be-ready-in-july\/","url_meta":{"origin":651962,"position":2},"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 &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":638846,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/16\/el-sisi-supports-amendments-to-cbe-act\/","url_meta":{"origin":651962,"position":3},"title":"El Sisi supports amendments to CBE Act","author":"enterpriseam admin","date":"16 October 2017","format":false,"excerpt":"President Abdel Fattah El Sisi apparently supports amendments to the Central Bank and Banking Acts, CBE Governor Tarek Amer told Al Shorouk in an interview on the sidelines of the IMF and World Bank Fall Meetings. Amer said the act would enhance the CBE\u2019s role as a regulator of 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":[]},{"id":634825,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/24\/foreign-currency-trading-on-interbank-system-climbs-to-usd-14-5-bn-amer-says\/","url_meta":{"origin":651962,"position":4},"title":"Foreign currency trading on interbank system climbs to USD 14.5 bn, Amer says","author":"enterpriseam admin","date":"24 January 2018","format":false,"excerpt":"Foreign currency trading on the interbank system domestically climbed to USD 14.5 bn since the EGP float in November 2016, Central Bank Governor Tarek Amer told Bloomberg. The current volume increased from the USD 9 bn reached last September, which Bloomberg says reflects growing confidence. \u201cThe continued growth in activity\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":641554,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/26\/egypt-to-repay-usd-5-2-bn-in-afrexim-bank-debt-before-decembers-end\/","url_meta":{"origin":651962,"position":5},"title":"Egypt to repay USD 5.2 bn in Afrexim Bank debt before December\u2019s end","author":"enterpriseam admin","date":"26 September 2017","format":false,"excerpt":"Egypt is making a USD 5.2 bn payment to Afrexim Bank before the end of December, Al Mal reports. 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