{"id":652189,"date":"2017-01-03T04:07:50","date_gmt":"2017-01-03T04:07:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/03\/prime-minister-sees-exchange-rate-stabilizing-in-three-months\/"},"modified":"2017-01-03T04:07:50","modified_gmt":"2017-01-03T04:07:50","slug":"prime-minister-sees-exchange-rate-stabilizing-in-three-months","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/03\/prime-minister-sees-exchange-rate-stabilizing-in-three-months\/","title":{"rendered":"Prime Minister sees exchange rate stabilizing in three months"},"content":{"rendered":"

<\/a> Sending a message to the public: <\/strong>The exchange rate should stabilize in three months\u2019 time as overall economic conditions begin to improve, Prime Minister Sherif Ismail promised. Paving the way for that stability is Egypt\u2019s transformation into a free market economy through legislative reforms, the gradual phase-out of subsidies, and the shift in focus from imports to FX-earning exports, Ismail told Egyptian state television, Al Shorouk<\/a> reported.<\/p>\n

Flows into banking system look reasonable: <\/strong>An exclusive report by Youm7<\/a> quotes Amer as having said that c. USD 6.9 bn has flowed into the banking system since the float.<\/p>\n

The prime minister\u2019s remarks came as the Central Bank released figures on Monday<\/strong><\/a> showing M2 money supply was up 39% y-o-y at the end of November<\/strong> to EGP 2.6 tn compared to EGP 1.87 tn last year. Also notable: On a month-on-month basis, local currency deposits were up 5.4% to EGP 1.57 tn in November \u2014 in large part due to the high-interest CDs offered by many domestic banks after the float of the EGP. Foreign currency deposits doubled between October and November to EGP 653 bn in local currency terms, suggesting the float of the pound attracted fresh FCY deposits. We\u2019ll be keeping a close eye on what happens to this figure in the December report.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sending a message to the public: The exchange rate should stabilize in three months\u2019 time as overall economic conditions begin to improve, Prime Minister Sherif Ismail promised. Paving the way for that stability is Egypt\u2019s transformation into a free market economy through legislative reforms, the gradual phase-out of subsidies, and the shift in focus from […]<\/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-652189","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"e4b89c0d-703f-42ca-ae30-526746ba699d","order":"0","is_powered_by":true,"section_story_id":"e7169463-0b06-4c77-a0b9-a22e46ef14d1","story_type":"1","photo_url":"","photo_position":"above","related_issue":[652177],"teaser":"","voice_url":""},"yoast_head":"\nPrime Minister sees exchange rate stabilizing in three months - 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\/01\/03\/prime-minister-sees-exchange-rate-stabilizing-in-three-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prime Minister sees exchange rate stabilizing in three months\" \/>\n<meta property=\"og:description\" content=\"Sending a message to the public: The exchange rate should stabilize in three months\u2019 time as overall economic conditions begin to improve, Prime Minister Sherif Ismail promised. 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