{"id":683528,"date":"2026-03-02T00:00:00","date_gmt":"2026-03-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=683528"},"modified":"2026-03-02T14:52:02","modified_gmt":"2026-03-02T14:52:02","slug":"egp-slips-following-foreign-investor-exits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/03\/02\/egp-slips-following-foreign-investor-exits\/","title":{"rendered":"EGP slips following foreign investor exits"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and welcome back.<\/strong> It\u2019s another hectic afternoon in the press as the situation in the region continues to escalate. We\u2019ve got the rundown for you below. <\/p>\n

PSA: Our website is still down.<\/strong> EnterpriseAM.com is one of the many, many services hosted on Amazon Web Services out of the UAE. The data center that hosts our site \u2014 and the apps and websites of dozens of other brands you know \u2014 was damaged after \u201cobjects hit\u201d it, reportedly starting a fire and leading to a power outage. Our site has been down since mid-afternoon on Sunday and we're yet to hear from Amazon when we can expect it to be back up.<\/p>\n

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

\ud83d\udccd EGP<\/strong> nears 50\/USD amid FX pressures: <\/strong>The EGP weakened toward the EGP 50 per USD mark in Monday\u2019s trading \u2014 its lowest level in about 10 months \u2014 as foreign investors exit and rising demand for FX to finance accelerated imports of strategic commodities put fresh pressure on the currency. <\/p>\n

Bankers told EnterpriseAM that the exchange rate could soon test levels above EGP 50 if regional tensions persist<\/strong>, though officials say allowing the currency to move flexibly should help attract inflows, finance outflows, and prevent broader imbalances. <\/p>\n

Authorities stress that reserves remain secure and that the Central Bank of Egypt is closely monitoring developments, with emergency policy measures<\/strong> \u2014 including a potential rate hike \u2014 on the table if conditions deteriorate, even as policymakers emphasize that a return of the black market will not be tolerated.<\/p>\n

^^ We\u2019ll have more on this story and other angles on the unfolding regional conflict in tomorrow\u2019s edition of EnterpriseAM.<\/strong><\/p>\n

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

\ud83c\udf10 Oil prices are dominating the digital front pages this afternoon as they <\/strong>continue to soar amid the ongoing US-Iran war. <\/strong>As shipping through the Strait of Hormuz comes to a halt, Brent crude prices jumped 10% to USD 79.9 a barrel \u2014 rallying as much as 13% to USD 82 intra-day \u2014 while US crude rose 8.2% to USD 72.6 a barrel as of the time of publication. Gold jumped 2.6% to USD 5.4k per ounce, while the USD and CHF both strengthened. Meanwhile, stocks in Europe took a hit, with the pan-European Stoxx 600 down nearly 2% as European gas prices climbed 24%.<\/p>\n

^^Read more on: Bloomberg<\/a>, the Financial Times<\/a>, Reuters<\/a>, the Wall Street Journal<\/a>, and CNBC here<\/a> and here<\/a>.<\/p>\n

Following Iran\u2019s strikes across the Gulf<\/strong>, the region is facing widespread business disruption as airports in Dubai and Doha remain closed and major airlines halt operations, causing major losses. Asian and European airline stocks were in the red by as much as 8% in one of the sharpest aviation shocks in recent years. <\/p>\n

^^Read more on: CNBC<\/a> and Reuters here<\/a> and here<\/a>.<\/p>\n

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Also in today\u2019s issue:<\/strong> We tell you what you need to know before hitting the gym for your pre-iftar workout, and take a look at what work-life balance means for working moms. <\/p>\n

So, when do we eat?<\/strong> Maghrib prayers are at 5:55pm in the capital, and you\u2019ll have until 4:53am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n