{"id":663289,"date":"2025-04-07T00:00:00","date_gmt":"2025-04-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/07\/egp-drops-to-its-lowest-level-since-march-float-after-tariffs-spark-foreign-investor-exit\/"},"modified":"2025-04-07T00:00:00","modified_gmt":"2025-04-07T00:00:00","slug":"egp-drops-to-its-lowest-level-since-march-float-after-tariffs-spark-foreign-investor-exit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/07\/egp-drops-to-its-lowest-level-since-march-float-after-tariffs-spark-foreign-investor-exit\/","title":{"rendered":"EGP drops to its lowest level since March float after tariffs spark foreign investor exit"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The EGP fell just over 1% against the greenback in trading yesterday<\/strong>, with the USD gaining EGP 0.54 on the national currency at public and private banks. The dip saw the EGP pass the 51 mark against the USD and slip to its lowest level since last year\u2019s March float. 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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The day saw significant exit of foreign investors from our local treasury <\/strong><strong>market<\/strong>, which banking expert Mohamed Abdel Aal thinks was due to uncertainty caused by the US tariff announcement. Al Ahly Pharos Senior Economist Esraa Ahmed seconded the notion, telling us that uncertainty about the tariffs \u201cled investors to exit some high-risk markets and pull out of both local and foreign debt.\u201d The yield on Egyptian USD-denominated bonds rose by more than 1% in trading on 4 April compared to the levels at the end of March, she added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some used USD 1.1 bn changed hands on the interbank market yesterday<\/strong>, a significant jump from USD 150-250 mn the market usually clocks each business day, <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/financial-markets\/76769\/%D8%AD%D8%B5%D9%8A%D9%84%D8%A9-%D9%85%D8%B9%D8%A7%D9%85%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D8%A5%D9%86%D8%AA%D8%B1%D8%A8%D9%86%D9%83-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-%D8%AA%D9%82%D9%81%D8%B2-%D8%A5%D9%84%D9%89-%D8%A3%D9%83%D8%AB%D8%B1-%D9%85%D9%86-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=asharq_business_egy_tw\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing what it said were industry participants. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In parallel, the Madbouly government has been deploying a bit more hard currency than <\/strong><strong>usual, looking to take<\/strong><strong> advantage of the sharp declin<\/strong><strong>e in global commodity prices <\/strong>\u2014 including oil \u2014 by securing strategic contracts, a government source told EnterpriseAM. The source positioned the buys as a move to build a strategic stockpile of goods that could help shield the general budget against future price volatility.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Demand for fresh Egyptian debt also fell<\/strong>, with three- and nine-month t-bills offered up by the Central Bank of Egypt yesterday only managing to bring in 8.7% of the targeted EGP 70 billion, according to <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/auctions\/egp-t-bills\" style=\"\" rel=\"noopener\">data<\/a> from the bank. Investors demanded yields several percentage points higher than the central bank was willing to accept.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- Volatility is the name of the game in FX markets in recent months, thanks <\/strong><strong>largely to Trump\u2019s tariff talks. <\/strong>The greenback has lost a bit of ground in recent days against major currencies including the EUR, JPY, CAD, and GBP. It\u2019s been a mixed bag for emerging markets currencies, with the INR gaining ground, the MXN holding steady, and Nigeria <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/currencies\/nigeria-sells-dollars-support-currency-after-trump-tariffs-shock-2025-04-06\/\" style=\"\" rel=\"noopener\">selling reserves<\/a> to support the NGN amid uncertainty. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No analyst we spoke with yesterday was willing to make a call on where the EGP is <\/strong><strong>heading. <\/strong>Allowing the EGP to slip \u201cmay be a necessary tool\u201d to make investors think twice before liquidating positions in Egypt and existing the market, economist Hany Abou El Fotouh told us yesterday. On the other hand: A sliding currency would have a significant inflationary impact that would need to be countered by \u201ceffective and strong social protection measures to ease the heavy burden on citizens.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Others think foreign investo<\/strong><strong>rs could soon return to emerging markets like Egypt<\/strong> following a \u201cperiod of evaluation, especially if the economic fundamentals remain relatively strong,\u201d economist Mona Bedair told EnterpriseAM. \u201cEgypt\u2019s current advantage is in the high return on debt instruments, even with the expected interest rate cut and flexibility in the exchange rate, along with a relatively stable reform path,\u201d she explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BOTTOM LINE- What matters here is that we see volatility in the coming days \u2014 and <\/strong><strong>that it\u2019s clear why the EGP is moving in a \u201clogical\u201d way. <\/strong>Market watchers will be reassured that policymakers do not have their thumb on the proverbial scale if (a) the interbank market remains liquid and (b) the EGP\u2019s direction of travel makes logical sense. More concerning than the EGP sliding a few percentage points would be for us to effectively re-peg in a time of turmoil.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the EGP fell against the USD, many other global currencies gained on the greenback<\/p>\n","protected":false},"author":1,"featured_media":663290,"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":[12144],"tags":[6637,72,1666,2234],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-663289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-egp-watch","tag-egp-watch","tag-enterpriseam","tag-exchange-rate","tag-foreign-exchange","wpautop","entry"],"acf":{"mongo_id":"7ed9db29-89d4-4817-857c-d238729c8590","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/4\/145.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EGP drops to its lowest level since March float after tariffs spark foreign investor exit","related_issue":[663284],"teaser":"While the EGP fell against the USD, many other global currencies gained on the greenback","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.ae8d6dca-d4cf-45d1-8e3f-eb1dbb53ec39.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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. THE BIG STORY TODAY- EGP passed 51 mark against the USD:\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/119.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578990,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/22\/higher-yields-a-weaker-egp-have-foreign-investors-looking-at-egypt\/","url_meta":{"origin":663289,"position":2},"title":"Higher yields + a weaker EGP have foreign investors looking at Egypt","author":"enterpriseam admin","date":"22 January 2023","format":false,"excerpt":"Higher yields + weaker EGP could bring foreign investors back to the market: Foreign investors who sold out of Egypt last year are once again looking at Egypt\u2019s debt market on the back of a cheaper EGP and record yield, Bloomberg writes. The spread between most EGP treasury bills and\u2026","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\/1\/355.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548774,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/egypt-could-opt-for-soft-egp-devaluation-to-stave-off-inflation-moodys\/","url_meta":{"origin":663289,"position":3},"title":"Egypt could opt for soft EGP devaluation to stave off inflation -Moody\u2019s","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"Moody\u2019s is the latest to speculate on the fate of the EGP: Egyptian policymakers will likely choose to maintain a close watch on the EGP and allow it to ease gradually against the greenback to avoid exacerbating inflationary pressures, Moody\u2019s says in a report picked up by the regional press.The\u2026","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\/2022\/8\/344.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598426,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/","url_meta":{"origin":663289,"position":4},"title":"EGP hits fresh two-year highs","author":"enterpriseam admin","date":"26 May 2019","format":false,"excerpt":"EGP hits fresh two-year high, breaking the EGP 17 \/ USD 1 barrier: The EGP rose to a new two-year high against the greenback on Thursday, advancing to 16.9317 from 17.0500 on Wednesday, central bank data shows. The EGP has risen 5.7% against the USD since the beginning 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\/2019\/5\/763.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571634,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/19\/egp-eases-to-three-month-lows-against-the-greenback\/","url_meta":{"origin":663289,"position":5},"title":"EGP eases to three-month lows against the greenback","author":"enterpriseam admin","date":"19 May 2020","format":false,"excerpt":"EGP WATCH- EGP eases to three-month lows against the greenback: The EGP dipped yesterday to its lowest level against the USD since early February, according to Refinitiv data picked up by Reuters. The currency fell to intraday lows of 15.83 from 15.72 at the start of the session. Central bank\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\/663289","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=663289"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/663289\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/663284"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/663290"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=663289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=663289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=663289"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=663289"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=663289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}