{"id":652243,"date":"2017-01-04T04:06:39","date_gmt":"2017-01-04T04:06:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/04\/parallel-market-will-not-magically-disappear-but-banks-in-control-now-amer\/"},"modified":"2017-01-04T04:06:39","modified_gmt":"2017-01-04T04:06:39","slug":"parallel-market-will-not-magically-disappear-but-banks-in-control-now-amer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/04\/parallel-market-will-not-magically-disappear-but-banks-in-control-now-amer\/","title":{"rendered":"Parallel market will not magically disappear, but banks in control now -Amer"},"content":{"rendered":"

The \u201cmagic wand\u201d that was the float of the EGP will not make the parallel market disappear entirely at an instant<\/strong>, CBE Governor Tarek Amer told Al Ahram\u2019s economic paper<\/a>. The banks are in control of the currency market now, he says, and the impact of the parallel market is minimal and tapering out. Amer expects the market to self-adjust in a short period of time. He explained that the continued drop in the FX rate is \u201cnormal\u201d as Egypt\u2019s foreign currency revenue sources continue to struggle, but stressed the flotation was the correct course of action, and will help rebuild the country\u2019s reserves.<\/p>\n

There will be significant outflows in 2017<\/strong> as Egypt has to make a number payments throughout the year starting with USD 700 mn as part of the Paris Club debt<\/strong> in January, a USD 1 bn loan repayment to Turkey<\/strong>, as well as making payments to reduce dues owed to international oil companies<\/strong> throughout the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The \u201cmagic wand\u201d that was the float of the EGP will not make the parallel market disappear entirely at an instant, CBE Governor Tarek Amer told Al Ahram\u2019s economic paper. The banks are in control of the currency market now, he says, and the impact of the parallel market is minimal and tapering out. Amer […]<\/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-652243","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"63dac981-6f94-4427-9a34-cfec68f9deef","order":"0","is_powered_by":true,"section_story_id":"16feff72-e0d3-462c-bf83-d365ecbb7974","story_type":"1","photo_url":"","photo_position":"above","related_issue":[652233],"teaser":"","voice_url":""},"yoast_head":"\nParallel market will not magically disappear, but banks in control now -Amer - 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\/04\/parallel-market-will-not-magically-disappear-but-banks-in-control-now-amer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parallel market will not magically disappear, but banks in control now -Amer\" \/>\n<meta property=\"og:description\" content=\"The \u201cmagic wand\u201d that was the float of the EGP will not make the parallel market disappear entirely at an instant, CBE Governor Tarek Amer told Al Ahram\u2019s economic paper. The banks are in control of the currency market now, he says, and the impact of the parallel market is minimal and tapering out. 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There are signs a parallel market for the USD has reappeared in recent days as the covid-19 outbreak places strain on Egypt\u2019s sources of foreign currency, Reuters reports. While banks and currency exchanges\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\/2020\/3\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600248,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/23\/central-bank-of-egypt-committed-to-liberalized-fx-market-egp-will-see-volatility-natural-amer-says\/","url_meta":{"origin":652243,"position":1},"title":"Central Bank of Egypt committed to liberalized FX market, EGP will see volatility natural, Amer says","author":"enterpriseam admin","date":"23 January 2019","format":false,"excerpt":"We\u2019re going to see more volatility in the EGP exchange rate, central bank\u2019s Amer says: You can expect to see the long-stable EGP move around a bit against key currencies after the scrapping of a parallel central bank mechanism that guaranteed foreign investors could repatriate FX, CBE Governor Tarek Amer\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\/2020\/3\/345.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":651962,"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\/","url_meta":{"origin":652243,"position":2},"title":"CBE Governor Tarek Amer downplays negative impact of EGP float, touches on key indicators in televised interview","author":"enterpriseam admin","date":"26 February 2017","format":false,"excerpt":"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\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":596627,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/top-investment-banks-competing-to-manage-united-bank-sale\/","url_meta":{"origin":652243,"position":3},"title":"Top investment banks competing to manage United Bank sale","author":"enterpriseam admin","date":"3 July 2019","format":false,"excerpt":"M&A WATCH- EFG, Pharos, CI, HC among investment banks facing off to advise on United Bank sale: EFG Hermes, CI Capital, Pharos and HC Securities are among investment banks bidding to become the sell-side adviser on the sale of United Bank, CBE Governor Tarek Amer told Bloomberg on Tuesday. The\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\/2020\/3\/345.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593415,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/investors-will-appreciate-policy-stability-from-amer-staying-on-as-cbe-governor-bloomberg-says\/","url_meta":{"origin":652243,"position":4},"title":"Investors will appreciate policy stability from Amer staying on as CBE governor, Bloomberg says","author":"enterpriseam admin","date":"27 November 2019","format":false,"excerpt":"Investors will welcome Amer getting a second term as CBE governor as it signals policy stability, Bloomberg says: Tarek Amer getting a second term as CBE governor is an indicator that there will be policy stability at the central bank over the next four years, a note that will be\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\/2018\/12\/2527.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548706,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/tarek-amer-assessing-a-complicated-legacy\/","url_meta":{"origin":652243,"position":5},"title":"Tarek Amer: Assessing a complicated legacy","author":"enterpriseam admin","date":"18 August 2022","format":false,"excerpt":"Tarek Amer\u2019s legacy will be in large part shaped by how his successor handles the challenges he has bequeathed them, including FX policy, whether foreign investors regain their appetite for our debt, and how inflation plays out, among others. 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