{"id":667273,"date":"2025-06-23T00:00:00","date_gmt":"2025-06-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/23\/egp-weakens-against-the-usd-as-interbank-transactions-jump-on-foreign-exits\/"},"modified":"2025-06-23T00:00:00","modified_gmt":"2025-06-23T00:00:00","slug":"egp-weakens-against-the-usd-as-interbank-transactions-jump-on-foreign-exits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/23\/egp-weakens-against-the-usd-as-interbank-transactions-jump-on-foreign-exits\/","title":{"rendered":"EGP weakens against the USD as interbank transactions jump on foreign exits"},"content":{"rendered":"

Good morning, folks<\/strong>. <\/strong>In a very welcome distraction from recent geopolitical events that have been keeping us up at night, the bourse will kick off trading today by welcoming Valu to its ranks. And on top of that, the fintech giant is also poised to welcome Amazon as a direct shareholder during trading today. We\u2019ve got a rundown of the listing, a one-on-one interview with Valu CEO Walid Hassouna, encouraging sukuk updates, not-so encouraging energy updates, and more in today\u2019s issue.<\/p>\n

PSA- <\/p>\n

<\/a> Banks will also be getting this Thursday and the next off<\/strong>, the Central Bank of Egypt said in a notice seen by EnterpriseAM. Banks \u2014 along with the rest of us \u2014 will be getting two long weekends in a row with Thursday, 26 June off in observance of Islamic New Year and Thursday, 3 July off to commemorate the twelfth anniversary of the 30 June Revolution.<\/p>\n

And that includes us too at EnterpriseAM Egypt<\/strong>, who will be taking a break from your inboxes for the next two Thursdays.<\/p>\n

\n

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WEATHER- It\u2019s set to be a hot and humid day in Cairo<\/strong>, with a high of 35\u00b0C, a low of 23\u00b0C, and partly cloudy skies, according to our favorite weather app.<\/p>\n

Alexandria is also in store for a humid day<\/strong>, accompanied by a high of 28\u00b0C, a low of 20\u00b0C, and partly cloudy skies.<\/p>\n

** DID YOU KNOW that we cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

ICYMI- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we dove into the Environment Ministry\u2019s Green Sustainable Industries program. Check out the story here<\/a>.<\/p>\n

\n

\n

<\/p>\n

<\/a> Sahel <\/strong>\u2013 what was once Egypt's summer escape has become an economic hub, social ecosystem, and regional travel hotspot. And we\u2019re going to help you decode its rapid evolution with EnterpriseAM Destination Sahel.<\/strong><\/p>\n

In a special four-part summer series we\u2019re taking the insights you\u2019ve come to expect of us seaside.<\/strong> Think everything from Ras El Hekma's impact and investment opportunities to exclusive interviews with key players. And it wouldn\u2019t be Sahel season without a sprinkling of what\u2019s shaking up socially.<\/p>\n

Expect us in your inbox <\/strong>tomorrow. <\/strong><\/p>\n

See you, Sahel-side.<\/strong><\/p>\n

\n

\n

EGP WATCH- <\/p>\n

<\/a> The EGP weakened against the greenback again yesterday<\/strong>, falling around EGP 0.13-0.15 by the end of trading. The USD was sold for around EGP 50.85-50.87 and bought for EGP 50.73-50.75 at state and private banks following trading. Local banks were surprised by a significant amount of outflows this morning at the start of trading amid growing fears of regional escalation following the US\u2019 strike on key Iranian nuclear facilities the night before, a source in the banking sector told EnterpriseAM.<\/p>\n

The surge in USD demand pushed Interbank USD transactions yesterday to an <\/strong>unprecedented level<\/strong>, after having already jumped<\/a> to around USD 2.5 bn over the week \u2014 considerably higher than the weekly average of nearly USD 1 bn, the source said. Although foreign investors briefly returned to our debt market on Tuesday and Wednesday for speculative trading and securing gains, renewed fears over further escalation resulted in partial foreign investment outflows, the source noted.<\/p>\n

DEBT WATCH- <\/p>\n

The Central Bank of Egypt sold just 19.4% of its EGP 90.0 bn target<\/strong> for an auction yesterday of three- and nine-month EGP-denominated t-bills, according to data<\/a> from the central bank. The bank sold EGP 15.0 bn worth of three-month t-bills at an average yield of 29.11% and EGP 2.5 bn worth of nine-month bills at an average yield of 27.18% as the bank couldn\u2019t meet the high yields demanded by investors. <\/p>\n

HAPPENING TODAY- <\/p>\n

Investment Minister Ha<\/strong>ssan El Khatib is in China to talk trade and investment <\/strong>with senior officials, including Commerce Minister Wang Wentao, Chinese Development Bank Executive Vice President Wang Peng, and China-Africa Development Fund Chairman Wang Shao Dan, according to a statement<\/a> from the ministry. The minister will also meet with representatives from Chinese water desalination, clothing, energy, fiberglass, automotive, and battery companies during his trip.<\/p>\n

El Khatib will also join Planning and International Cooperation Minister Rania Al Mashat <\/strong>for the World Economic Forum\u2019s annual <\/strong>New Champions<\/a><\/strong> meeting<\/strong>, which is set to kick off tomorrow in Tianjin. Also on El Khatib\u2019s schedule is the Egyptian-Chinese Forum and a roundtable organized by the Egyptian Commercial Office in Beijing.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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

With the world\u2019s press still processing the US\u2019 strikes on Iran the day before, the <\/strong>question everyone is trying to answer is: what happens next? <\/strong>Regional security and the global economic outlook now depend on how Tehran decides to respond, with the possibility of Iran choosing to close the Strait of Hormuz or target US assets and personnel already sending diplomatic efforts and energy markets into a spin \u2014 although not by as much as some had feared.<\/p>\n

So far, Iran\u2019s response has been limited to continuing to exchange missiles with Israel<\/strong>. Iranian Supreme Leader Ayatollah Ali Khamenei has allegedly decided not to retaliate against the US directly and \u201crisk a harsher response that wreaks more destruction on the republic,\u201d Iranian government insiders told the Financial Times<\/a> .<\/strong><\/p>\n

But if Iran does decide to close the Strait of Hormuz, crude oil prices could soar past USD <\/strong>130 per barrel<\/strong>, with the cutting off about 30% of the world\u2019s daily oil supply and 20% of global LNG trade violently ramping up energy costs across the globe, according to Bloomberg<\/a> analysts. In response to Iranian state TV reports that the country\u2019s parliament had voted to approve the closing of the energy corridor, US Secretary of State Marco Rubio urged Beijing to pressure Iran to keep the passage open. (Bloomberg<\/a> | Reuters<\/a> | New York Times<\/a> | Financial Times<\/a> | Wall Street Journal<\/a> | Guardian<\/a>) <\/p>\n

<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p>\n

In today\u2019s issue:<\/strong> We look at the country\u2019s summer training initiatives for students.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks. In a very welcome distraction from recent geopolitical events that have been keeping us up at night, the bourse will kick off trading today by welcoming Valu to its ranks. And on top of that, the fintech giant is also poised to welcome Amazon as a direct shareholder during trading today. 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We have a rather busy issue for you to sink your teeth into at the start of the week, so let\u2019s get right into it.We\u2019re looking at a short work week: The country\u2019s banks will be closed this Thursday, 26 January in observance of Police Day and\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\/2023\/1\/710.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":666052,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/28\/valu-shares-to-start-trading-the-last-week-of-june\/","url_meta":{"origin":667273,"position":2},"title":"Valu shares to start trading the last week of June","author":"enterpriseam admin","date":"28 May 2025","format":false,"excerpt":"EFG Holding shareholders are in line for a USD 64 mn windfall","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/1646.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552239,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/this-evening-valu-snaps-up-100-of-paynas-citi-sees-uk-inflation-jumping-above-18-next-year\/","url_meta":{"origin":667273,"position":3},"title":"THIS EVENING: valU snaps up 100% of PayNas + Citi sees UK inflation jumping above 18% next year","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"Happy hump day, wonderful people. 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