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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The next flotation of the Egyptian pound ... When is the date?

    rocky
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    The next flotation of the Egyptian pound ... When is the date? Empty The next flotation of the Egyptian pound ... When is the date?

    Post by rocky Mon Oct 31, 2022 8:09 am

    [size=47]The next flotation of the Egyptian pound ... When is the date?[/size]


    Mustafa Abdel Salam


    October 27 2022
    [size=32]Facebook    [size=32]Twitter[/size][size=32]WhatsApp[/size][url=https://www.addtoany.com/share#url=https%3A%2F%2Fwww.alaraby.co.uk%2Feconomy%2F%D8%A7%D9%84%D8%AA%D8%B9%D9%88%D9%8A%D9%85-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85-%D9%84%D9%84%D8%AC%D9%86%D9%8A%D9%87-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%85%D8%AA%D9%89-%D8%A7%D9%84%D9%85%D9%88%D8%B9%D8%AF%D8%9F-0&title=%D8%A7%D9%84%D8%AA%D8%B9%D9%88%D9%8A%D9%85 %D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85 %D9%84%D9%84%D8%AC%D9%86%D9%8A%D9%87 %D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A ... %D9%85%D8%AA%D9%89 %D8%A7%D9%84%D9%85%D9%88%D8%B9%D8%AF%D8%9F][size=32]Share[/size][/url][/size]
    The next flotation of the Egyptian pound ... When is the date? WAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==
    The Egyptian pound loses 16% of its value against the dollar / AFP
    +Line-
    [rtl]Egypt was on a date, today, Thursday, with 3 harsh measures, which were announced as part of the government’s attempt to contain a complex financial and economic crisis that the country has been going through since the beginning of this year, and one of its most prominent features is the currency crisis and the continuous decline in the value of the pound .[/rtl]



    [rtl]The exchange rate of the pound was floated for the second time in one year and for the third time since the end of 2016. According to this flotation, the currency lost about 16% of its value in one day and more than 40% since the flotation of last March, and the price of the dollar jumped to more than About 23 pounds at the close of trading today.[/rtl]
    [rtl]This step will fuel the current wave of high prices in the markets, especially since Egypt imports about 60% of its food needs from abroad, and its annual non-oil import bill exceeded $76 billion last year 2021.[/rtl]
    [rtl]The Central Bank of Egypt also decided to raise the interest rate by 2% in order to contain inflation, maintain the stability of the exchange rate, increase the attractiveness of the pound for investment, and combat the phenomenon of “dollarization,” which is widespread with the scarcity of foreign exchange in the markets and banks placing restrictions on imports.[/rtl]
    [rtl]The currency has lost about 16% of its value in one day and more than 40% since the floatation last March[/rtl]
    [rtl]The two steps were accompanied by the government’s announcement of obtaining new international loans worth 9 billion dollars, 3 billion of which were from the International Monetary Fund and the rest distributed among other countries and global and regional financial institutions.[/rtl]


    [rtl]The first and second steps, the flotation and the interest rate hike, cannot be separated from the third step, which is obtaining an International Monetary Fund loan after difficult and faltering negotiations that began since last March.[/rtl]


    [rtl]This is because one of the most important conditions for the Fund to pass the required loan is a new float of the value of the pound and an increase in the interest rate, which was done, among other austerity measures that the government and the Fund have not yet disclosed.[/rtl]




    The next flotation of the Egyptian pound ... When is the date? 8DA20CD0-0E98-42BF-BE95-E23F15D446B2

    [size=12]Markets
    [/size]





    [rtl]These measures may include canceling and completely eliminating the remaining subsidies for fuel, including gasoline and diesel, liberating the price of electricity and water and selling them at cost, and making other increases in the prices of basic goods and services, such as food commodities, public transportation and a cooking gas tube.[/rtl]
    [rtl]It also includes accelerating the sale of state assets from banks and companies, and may extend to other measures, including the privatization of the education and health sectors, and an increase in the price of a loaf of bread.[/rtl]


    [rtl]The IMF loan came as a surprise to the markets and to those who followed the file of the ongoing negotiations between the two parties for 8 months, because the Egyptian government requested a 15 billion dollar loan, as major international investment banks spoke.[/rtl]



    The IMF loan came as a surprise to many who followed the negotiations file that has been going on for 8 months.

    [rtl]But what has already been passed is 3 billion dollars, which is a very weak amount compared to the obligations owed by Egypt, whether to pay the burdens of external debts, or the cost of imports, which amount to more than 9 billion dollars per month.[/rtl]


    [rtl]Also, this weak amount is being granted from the fund over a period of 4 years, which means less than one billion dollars annually.[/rtl]
    [rtl]Therefore, what was announced to be borrowed today, Thursday, is not enough to cover one item, which is the repayment of the debts owed by the country before the end of the current fiscal year, let alone other current and future obligations.[/rtl]

    The next flotation of the Egyptian pound ... When is the date? 8ACB93D3-E868-48E2-9CE7-1BEFF4C09F06

    [size=12]Attitude
    [/size]





    [rtl]Of course, the government of Egypt obtaining new loans worth 9 billion dollars may open the door for it to obtain again loans to add to the hills of existing foreign loans, which exceed 160 billion dollars.[/rtl]


    [rtl]Will the government understand the lesson this time, rationalize external borrowing, address the crises of the trade balance deficit and the balance of payments, and not rely again on hot money to defend the value of the pound and the stability of the exchange market, so that it does not have to float the pound again in the coming years in response to the dictates and conditions of international creditors And under the pressure of those debts?[/rtl]
    [rtl]https://www.alaraby.co.uk/economy/%D8%A7%D9%84%D8%AA%D8%B9%D9%88%D9%8A%D9%85-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85-%D9%84%D9%84%D8%AC%D9%86%D9%8A%D9%87-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%85%D8%AA%D9%89-%D8%A7%D9%84%D9%85%D9%88%D8%B9%D8%AF%D8%9F-0
    [/rtl]
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