{"id":684206,"date":"2026-03-04T00:00:00","date_gmt":"2026-03-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=684206"},"modified":"2026-03-04T04:20:49","modified_gmt":"2026-03-04T04:20:49","slug":"usd-crosses-egp-50-mark-as-cbe-lets-currency-absorb-after-war-iran-outflows","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/03\/04\/usd-crosses-egp-50-mark-as-cbe-lets-currency-absorb-after-war-iran-outflows\/","title":{"rendered":"USD crosses EGP 50 mark as CBE lets currency absorb after war Iran outflows"},"content":{"rendered":"

The Central Bank of Egypt is doing the right thing and letting the EGP take the hit.<\/strong> As foreign outflows from the local debt market topped USD 885 mn yesterday, the CBE refused to burn reserves to defend the currency, instead letting the EGP slide past 50 to the greenback. The decision makes Egypt expensive for foreigners leaving, and our assets more attractive to those looking to enter.<\/p>\n

This is what a mature FX policy is supposed to be <\/strong>\u2014 a shock absorber for external events like the conflict now sweeping the GCC. Total outflows since late February are north of USD 4 bn now \u2014 the USD 885 mn figure yesterday was more than double the EGP 297 mn that hit the exit door on Monday.<\/p>\n

Volumes reached USD 700 mn in the interbank market<\/strong>, but despite the pressure, the system held and every request was fulfilled.<\/p>\n

Why this matters: <\/strong>The central bank\u2019s actions have been a textbook example of exchange rate management, Ahly Pharos research head Hany Genena tells EnterpriseAM.<\/p>\n

While the shock absorber strategy protects the central bank\u2019s balance sheets, it puts<\/strong> a squeeze on the state treasury. <\/strong>Every time the EGP slips, the price the state has to pay to subsidize energy imports rises. The government has now earmarked an additional USD 2 bn for energy imports to help get us through this period.<\/p>\n

To address the sudden uptick in energy costs, the government is looking to shift to a <\/strong>deferred payment <\/strong>model.<\/strong> We understand that talks are underway with international energy partners to increase shipments of natural gas with flexible, long-term payment schedules to keep the lights on without an immediate drain on the country\u2019s FX reserves.<\/p>\n

To help plug the financing gap, the government has entered early-stage talks with<\/strong> international financial institutions to secure concessional financing<\/strong>, our sources tell us. Discussions are underway with the IMF regarding a potential emergency mechanism for member states impacted by regional conflict. The talks also include the World Bank, African Development Bank, and other institutions to secure funding for emergency needs and mitigate the impact of expected price hikes on the state budget in case the conflict persists for a long period.<\/p>\n

The big question for the next five weeks is whether the CBE will raise interest rates to <\/strong>defend the EGP. <\/strong>\u201cThe CBE should monitor developments over the next five weeks and allow the exchange rate to move flexibly,\u201d Egyptian Society for Political Economy member Waleed Gaaballah tells us. The current exodus is a flight to safety (gold and US treasuries), not a reflection of the EGP\u2019s yield, he argued.<\/p>\n

\u201cAny move to raise interest rates to support the EGP [\u2026] will cause confusion in the <\/strong>markets<\/strong>,\u201d he added, suggesting that holding rates is preferable until the peak of imported inflation is absorbed.<\/p>\n

(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n","protected":false},"excerpt":{"rendered":"

Yesterday witnessed foreign outflows hitting USD 885 mn<\/p>\n","protected":false},"author":1,"featured_media":684207,"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":[7335],"tags":[271,104,72,2234,12389],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-684206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-big-story-today","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-the-big-story-today","wpautop","entry"],"acf":{"mongo_id":"99e990e8-e0e0-4657-955c-c5babeda0f62","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/416.jpg","photo_position":"above","homepage_title":"","full_issue_title":"CBE holds the course, lets EGP hit 50 as war continues in the GCC","related_issue":[684201],"teaser":"Yesterday witnessed foreign outflows hitting USD 885 mn"},"yoast_head":"\nUSD crosses EGP 50 mark as CBE lets currency absorb after war Iran outflows - 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It\u2019s another busy day in the press, and the news cycle isn\u2019t showing any signs of slowing down. At home, we\u2019re taking a look at how the EGP is faring. THE BIG STORY TODAY- \ud83d\udccd The EGP held steady in midday sessions following several days of steep\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\/2026\/3\/256.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606009,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/10\/every-little-bit-helps\/","url_meta":{"origin":684206,"position":1},"title":"Every little bit helps","author":"enterpriseam admin","date":"10 September 2023","format":false,"excerpt":"The CBE added another USD 50 mn to the stockpile during the month","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/673.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":683983,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/03\/03\/market-flexibility-faces-its-first-post-float-test-as-the-usd-nears-egp-50\/","url_meta":{"origin":684206,"position":2},"title":"Market flexibility faces its first post-float test as the USD nears EGP 50","author":"enterpriseam admin","date":"3 March 2026","format":false,"excerpt":"The greenback edged closer to the EGP 50 mark on Monday for the first time in 10 months as geopolitical tensions set off a familiar pressure cycle. Foreign investors accelerated their exit from local debt while importers rushed to secure letters of credit for oil, wheat, and essential food supplies.\u2026","rel":"","context":"In "The Big Story Today"","block_context":{"text":"The Big Story Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-big-story-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1490.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":663443,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/09\/or-how-i-learned-to-stop-worrying-and-love-fx-volatility\/","url_meta":{"origin":684206,"position":3},"title":"\u2026or how I learned to stop worrying and love FX volatility","author":"enterpriseam admin","date":"9 April 2025","format":false,"excerpt":"The average yield on interest rates \u2014 among the highest globally \u2014 has been the main factor attracting investors quickly back to the market","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\/2025\/4\/396.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":643385,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/08\/foreign-reserves-continue-their-upward-cruise-coming-in-at-usd-46-6-bn-in-august\/","url_meta":{"origin":684206,"position":4},"title":"Foreign reserves continue their upward cruise, coming in at USD 46.6 bn in August","author":"enterpriseam admin","date":"8 September 2024","format":false,"excerpt":"FX reserves seem to have weathered early August\u2019s global market meltdown","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1361.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\/684206","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=684206"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/684206\/revisions"}],"predecessor-version":[{"id":684252,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/684206\/revisions\/684252"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/684201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/684207"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=684206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=684206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=684206"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=684206"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=684206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}