{"id":687068,"date":"2026-03-09T00:00:00","date_gmt":"2026-03-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=687068"},"modified":"2026-03-09T12:51:13","modified_gmt":"2026-03-09T12:51:13","slug":"finmin-seeks-new-hedges-to-protect-budget-as-egp-hits-53-per-usd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/03\/09\/finmin-seeks-new-hedges-to-protect-budget-as-egp-hits-53-per-usd\/","title":{"rendered":"FinMin seeks new hedges to protect budget as EGP hits 53 per USD"},"content":{"rendered":"

Good afternoon, friends.<\/strong> It\u2019s another restless day in the press \u2014 both at home and abroad \u2014 as the regional war escalates. In today\u2019s issue, we take a look at how the war is being depicted in Western media, recommend your next timely listen, and more. <\/p>\n

So, when do we eat?<\/strong> Maghrib prayers are at 5:59pm in the capital, and you\u2019ll have until 4:45am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

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

\ud83d\udccd Hedging against the crisis: <\/strong>The EGP neared the 53 per USD mark during midday trading today. Meanwhile, the Finance Ministry entered negotiations to secure new hedging contracts for wheat and other strategic commodities, alongside renewing existing oil hedges, to shield the upcoming budget from escalating regional volatility, a government source tells EnterpriseAM.<\/p>\n

Why hedging matters:<\/strong> While the draft budget originally estimated wheat at USD 270 per ton, officials warn that petroleum and grain will be the \u201cmost affected\u201d if the crisis persists, prompting the push to renew oil hedges and lock in commodity costs.<\/p>\n

Double pressure on FX: <\/strong>The greenback changed hands at EGP 52.85 (buy) and EGP 52.95 (sell) at major banks, as interbank activity climbed past USD 700 mn before the close. This was fueled by a combination of secondary debt market sell-offs and a rush by importers to open letters of credit early amid global shipping disruptions. Banking sources emphasized that while portfolio outflows are a factor, the accelerated demand for FX from importers has added significant pressure to the exchange rate over the last 48 hours, leaving the interbank floor dominated by \u201cthe possibility of further increases\u201d as regional tensions show no sign of abating.<\/p>\n

^^ We\u2019ll have more on this story in tomorrow\u2019s edition of EnterpriseAM.<\/strong><\/p>\n

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

\ud83c\udf10 Still leading the front pages this afternoon is the appointment of Iran\u2019s <\/strong>new supreme leader, Mojtaba Khamenei, the son of the late Ali Khamenei. <\/strong>The news has been met with fears of prolonged regional conflict and a continuing spike in oil prices \u2014 crude is currently trading over a record USD 119 per barrel.<\/p>\n

Following the oil price surge<\/strong>, G7 finance ministers are reportedly set to engage in talks over a possible release of emergency oil reserves in a meeting later today coordinated by the International Energy Agency and its 32 members. US officials believe a joint release of 300-400 mn barrels \u2014 25-30% of the reserve \u2014 would be suitable. <\/p>\n

^^Read more on Reuters<\/a>, The Guardian<\/a>, and the Financial Times<\/a>.<\/p>\n

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