{"id":666864,"date":"2025-06-16T00:00:00","date_gmt":"2025-06-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/16\/egp-dips-below-the-egp-51-mark-in-trading-against-the-greenback-as-israel-iran-conflict-escalates\/"},"modified":"2025-06-16T00:00:00","modified_gmt":"2025-06-16T00:00:00","slug":"egp-dips-below-the-egp-51-mark-in-trading-against-the-greenback-as-israel-iran-conflict-escalates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/16\/egp-dips-below-the-egp-51-mark-in-trading-against-the-greenback-as-israel-iran-conflict-escalates\/","title":{"rendered":"EGP dips below the EGP 51 mark in trading against the greenback as Israel-Iran conflict escalates"},"content":{"rendered":"

After weeks of strengthening against the greenback, the EGP saw a sharp dip yesterday <\/strong>\u2014 the first day of trading since Israel and Iran started trading attacks. The USD crossed the EGP 51 mark for the first time since April<\/a> during trading, before being sold for around EGP 50.66-50.69 at state-owned and private banks by the end of trading yesterday. The dip was the result of foreign investors exiting our local debt market in favor of safer havens, three sources in the banking sector told EnterpriseAM.<\/p>\n

The exit requests were carried out through the interbank market,<\/strong> whose trading volume ended the day at around USD 800 mn \u2014 significantly above the usual daily volumes ranging between USD 100-150 mn before the regional escalations. The large number of exit requests from foreign investors pressured Egypt\u2019s currency, as the Central Bank of Egypt remains committed to a flexible exchange rate, the sources said.<\/p>\n

The CBE ended up accepting t-bill bids totalling only 3.4% of the auction\u2019s target <\/strong>yesterday<\/strong>, with the average yield of submitted bids for nine-month bills hitting 30.044% with some bids as high as 31.750%. The CBE only accepted EGP 1.3 bn of its EGP 40.0 bn target with an average yield of 27.021 \u2014 a more than 3.0 percentage point gap from the average yield of submitted bids and a 0.280% increase from the last auction for the same length bills earlier this month. The central bank\u2019s three-month bills auction brought in nearly double its EGP 20.0 bn target, with an average yield of 28.629 \u2014 up 0.741% on the last time the bills went to auction.<\/p>\n

The depths of the escalation in the coming days will be critical,<\/strong> both in terms of the exchange rate and foreign investment in public debt instruments, the sources concluded. \u201cThe exchange rate is the government\u2019s top concern,\u201d one of the sources said, as it will raise the cost of imports and deepen the trade deficit, affecting growth forecasts.<\/p>\n

\u201cAny potential fluctuations in the value of the EGP are likely to be driven by the balance <\/strong>of inflows and outflows of foreign portfolio investments<\/strong> \u2014 hot money \u2014 or in response to upcoming announcements of FDI inflows,\u201d said banking expert Mohamed Abdel Aal. \u201cHowever, based on both local and global historical experiences, the EGP may come under pressure for a limited and temporary period, after which it would recover under the positive influence of other supportive factors,\u201d he added.<\/p>\n

The market is reliant on what happens between Israel and Iran \u2014 for better or worse.<\/strong> \u201cIf no additional escalation happens later in the night, the conflict could begin to calm in the next few days and the parties involved could start sitting on the negotiating table. Foreign investors are currently following a wait and see approach, testing the market to see how the market reacts to the circumstances,\u201d Ahly Pharos\u2019 Head of Research Hany Genena told EnterpriseAM. \u201cI believe that if nothing else happens tonight, we will see stability in the debt market tomorrow.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cThe exchange rate is the government\u2019s top concern,\u201d a banking source told EnterpriseAM<\/p>\n","protected":false},"author":1,"featured_media":666865,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[380,1419,6637,72,1666,6984],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-666864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-egp-watch","tag-currencies","tag-egp","tag-egp-watch","tag-enterpriseam","tag-exchange-rate","tag-middle-east-politics","wpautop","entry"],"acf":{"mongo_id":"ea5dead3-eac5-4e41-85af-ff462d52ecee","order":"5","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 dips below the EGP 51 mark in trading against the greenback as Israel-Iran conflict escalates","related_issue":[666856],"teaser":"\u201cThe exchange rate is the government\u2019s top concern,\u201d a banking source told EnterpriseAM","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/6\/.71594445-b159-4045-9f61-7af5d7828f45.mp3"},"yoast_head":"\nEGP dips below the EGP 51 mark in trading against the greenback as Israel-Iran conflict escalates - 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It\u2019s another day with all eyes on the region, as the Israel-Iranian conflict continues to unfold \u2014 here in Egypt, everyone is closely following the impact of it all on markets, the exchange rate, and investor sentiment. THE BIG STORY TODAY- The EGP bounced back after a\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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\/6\/827.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":666987,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/17\/egp-continues-to-strengthen-against-the-greenback\/","url_meta":{"origin":666864,"position":2},"title":"EGP continues to strengthen against the greenback","author":"enterpriseam admin","date":"17 June 2025","format":false,"excerpt":"Good afternoon, all. After a couple of busy days, the news cycle has taken a breather. Mark your calendar for the 2025 EnterpriseAM Egypt Forum, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend. Want to partner with us?\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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\/1\/2098.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":666827,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/15\/egp-and-egx-see-sharp-declines-on-the-back-of-regional-escalations\/","url_meta":{"origin":666864,"position":3},"title":"EGP and EGX see sharp declines on the back of regional escalations","author":"enterpriseam admin","date":"15 June 2025","format":false,"excerpt":"Good afternoon, all and welcome to the start of another workweek. The newscycle remains dominated by the ongoing escalations between Israel and Iran and their impact on local, regional, and global markets. THE BIG STORY TODAY- The EGP and EGX see sharp declines on the back of regional escalations: After\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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":663370,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/08\/egp-slips-further-against-the-greenback-as-foreign-investors-continue-to-exit-amid-tariff-uncertainty\/","url_meta":{"origin":666864,"position":4},"title":"EGP slips further against the greenback as foreign investors continue to exit amid tariff uncertainty","author":"enterpriseam admin","date":"8 April 2025","format":false,"excerpt":"Interbank market transactions since trading began on Sunday are estimated to have reached a total of USD 1.5 bn","rel":"","context":"In "EGP Watch"","block_context":{"text":"EGP Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/egp-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/644.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":663518,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/10\/the-egp-dipped-slightly-against-the-usd-yesterday-will-late-night-trump-tariff-relief-bring-foreign-investors-back\/","url_meta":{"origin":666864,"position":5},"title":"The EGP dipped slightly against the USD yesterday. Will late-night Trump tariff relief bring foreign investors back?","author":"enterpriseam admin","date":"10 April 2025","format":false,"excerpt":"The EGP touched to a new post-float low","rel":"","context":"In "EGP Watch"","block_context":{"text":"EGP Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/egp-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/416.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/666864","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=666864"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/666864\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/666856"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/666865"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=666864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=666864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=666864"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=666864"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=666864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}