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TETELESTAI | 1-800 Numbers

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James Gilliland w/ Michael Salla - The GCR, NESARA, Republic, ET's, SSP's and More

Published on Mar 27, 2017 Research links: Global Currency Reset (400+ years of planning & taking the stage now). US reverts to the t...

Thursday, November 3, 2016

Egypt's Currency Devalues by 32% in Preparation for a Float

Egypt devalues by 32% as it prepares to float the pound -- Bloomberg

Cairo meets key term for $12bn IMF loan to help the country’s ailing economy


by: John Murray Brown  | FT | Source

The Egyptian pound was devalued by 32 per cent on Thursday as Cairo prepared to float the currency, meeting a key demand for the International Monetary Fund to release a $12 billion loan to help the country’s ailing economy.

The Central Bank of Egypt said it was “liberating the price of [the Egyptian pound] and setting the exchange rate according to demand and supply”.

The rate is set at 13 to the dollar, compared with the previous official rate of 8.88, set in March when the currency was devalued by about 14 per cent in a bid to close the gap with the black market unofficial rate

The central bank also raised its benchmark interest rate by 300 basis points to 14.75 per cent.

It is set to hold a currency auction at 1pm local time. The currency will float freely after the sale, according to bankers familiar with the decision.

Egyptian stocks jumped after the central bank said it would allow the currency to float as part of measures designed to tackle a dollar shortage sapping economic growth.

The EGX 30 Index rallied as much as 8.3 per cent higher, the most in eight years, before falling back.

Bankers expect the gap between the official and black market rates to now narrow.

The pound had been trading in the black market as high as 18.25 to the dollar in recent days. It tumbled after Saudi Arabia halted petroleum aid to Egypt this month, forcing Cairo to spend $500m for oil products on the spot market.

Speculation has been mounting for months that the bank would devalue its currency as the black market and official rate diverged to a record extent.

The latest measures move Egypt closer to securing a $12bn loan from the IMF.

Chris Jarvis, the Fund’s mission chief for Egypt, welcomed the move. He said in a statement “the flexible exchange rate regime, where the exchange rate is determined by market forces, will improve Egypt’s external competitiveness, support exports and tourism and attract foreign investment.”

The country has already secured $3bn from Saudi Arabia and the United Arab Emirates and less than $1bn from Group of Seven countries

But since the 2011 uprising that ended Hosni Mubarak’s three-decade autocratic rule and the ousting of his Islamist successor two years later, Egypt has struggled to revive its economy. While foreign-currency reserves have stabilised this year, they are still more than 40 per cent below their Mubarak-era levels. Egypt’s reserves are about $19.5bn, down from $36bn in 2011.

Egypt has been largely locked out of international debt markets as investor fears over the country’s stability pushed borrowing rates to prohibitive highs, leading officials to seek alternative funding sources in the Gulf.

Rami Sidani, head of frontier investments at Schroders in Dubai, told Bloomberg the devaluation was expected “for a long time”. But he described the move as “very positive” adding “we expect a lot of interest in Egypt, it’s a massive economy that has been put on hold for years”.

However, other economists pointed out the government finances would be hit by the devaluation as the state is the main importer of food commodities and fuel and also has debt obligations in dollars.

After the currency decision Egypt’s financial markets rose, with the EGX30 stock index reaching an 18-month high.

Prices for international bonds also lifted. Yields, which move inversely to prices, fell to a near three-month low — with a 2020 Egypt bond trading at 4.79 per cent.

Credit strategists said they had been expecting the currency move for a long time, and that the devaluation would attract foreign money back into Egypt.

“For investors this is proof that the government is willing to undertake reforms and take a more orthodox approach to the economy,” said Jason Tuvey, economist at Capital Economics. “It is an extremely positive development.”

Additional reporting by Elaine Moore

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