{"id":663254,"date":"2025-04-06T00:00:00","date_gmt":"2025-04-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/06\/egp-falls-to-lowest-level-since-march-2024-float\/"},"modified":"2025-04-06T00:00:00","modified_gmt":"2025-04-06T00:00:00","slug":"egp-falls-to-lowest-level-since-march-2024-float","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/06\/egp-falls-to-lowest-level-since-march-2024-float\/","title":{"rendered":"EGP falls to lowest level since March 2024 float"},"content":{"rendered":"

Good afternoon, friends. <\/strong>The first workday following the introduction of Trump tariffs is proving eventful as local and regional markets react to the news \u2014 at home, that meant the EGP sliding against the greenback and the EGX falling. <\/p>\n

THE BIG STORY TODAY- <\/p>\n

EGP passed 51 mark against the USD:<\/strong> The EGP weakened between EGP 0.5-0.6 against the greenback in morning trading in local banks, passing the 51 mark and slipping to its lowest level since last year\u2019s March float \u2014 the USD is now exchanging hands at EGP 51.19-51.32. The drop came amid global uncertainty after US President Donald Trump\u2019s tariffs came into effect over the weekend, which sent shockwaves across global markets. <\/p>\n

Driving the drop:<\/strong> The morning saw significant exit from foreign investors from our local debt market, which banking expert Mohamed Abdel Aal attributes to panic and uncertainty caused by the US tariffs, he told EnterpriseAM. This was seconded by Al Ahly Pharos Senior Economist Esraa Ahmed, who told us that uncertainty over the tariffs \u201cled investors to exit some high-risk markets and pull out of both local and foreign debt.\u201d <\/p>\n

That\u2019s not all:<\/strong> The Madbouly government is also looking to take advantage of the sharp decline in global oil prices and a number of essential commodities as it looks to secure strategic contracts \u2014 which, in turn, has added pressure on the country\u2019s USD reserves, a government source told EnterpriseAM. <\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

Middle East markets freefall as investors digest Trump\u2019s tariffs: <\/strong>Gulf benchmarks endured heavy losses during today\u2019s trading in response to the tariffs introduced by US President Donald Trump, Bloomberg<\/a> reports. The Saudi Tadawul fell over 6.5% today, leading regional losses, while Qatar and Kuwait\u2019s benchmarks dropped over 5.5% before rebounding. For its part, the EGX fell but at a softer pace compared to its GCC peers <\/strong>\u2014 the EGX30 dipped 3.3% during today\u2019s trading. <\/p>\n

CROSSING THE ATLANTIC- Mass protests erupted across the US yesterday <\/strong>in what organizers say was the largest single-day demonstration against Trump. More than 1.2k rallies were held across all 50 states \u2014 and in parts of Canada and Mexico \u2014 opposing sweeping cuts to federal jobs, social security services, and immigration crackdowns led by Trump and his close ally Elon Musk. Trump, for his part, spent the day golfing in Florida. (Reuters<\/a> | AP<\/a>)<\/p>\n

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