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BUSINESS

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Samy Magdy

Associated Press

Published: March 6, 2024 at 5:28 AM

Updated: March 6, 2024 at 4:35 PM

Tags: Business, World news

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BUSINESS


EGYPT FLOATS ITS CURRENCY AND AGREES WITH THE IMF TO INCREASE A BAILOUT LOAN TO
$8 BILLION

Samy Magdy

Associated Press

Published: March 6, 2024 at 5:28 AMUpdated: March 6, 2024 at 4:35 PM
Tags: Business, World news

Full Screen1 / 6

Previous photo

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Egyptians walk past an exchange office in Cairo, Egypt, Wednesday, March 6,
2024. The Egyptian pound slipped sharply against the dollar on Wednesday after
the Central Bank of Egypt raised its main interest rate and said it would allow
the currency's exchange rate to be set by market forces. (AP Photo/Amr Nabil)

An Egyptian woman walks past an exchange office in Cairo, Egypt, Wednesday,
March 6, 2024. The Egyptian pound slipped sharply against the dollar on
Wednesday after the Central Bank of Egypt raised its main interest rate and said
it would allow the currency's exchange rate to be set by market forces. (AP
Photo/Amr Nabil)

An Egyptian man walks past an exchange office in Cairo, Egypt, Wednesday, March
6, 2024. The Egyptian pound slipped sharply against the dollar on Wednesday
after the Central Bank of Egypt raised its main interest rate and said it would
allow the currency's exchange rate to be set by market forces. (AP Photo/Amr
Nabil)

An Egyptian walks past an exchange office in Cairo, Egypt, Wednesday, March 6,
2024. The Egyptian pound slipped sharply against the dollar on Wednesday after
the Central Bank of Egypt raised its main interest rate and said it would allow
the currency's exchange rate to be set by market forces. (AP Photo/Amr Nabil)

This is a locator map for Egypt with its capital, Cairo. (AP Photo)

FILE - An Egyptian vendor carries a bread tray at a popular market in Cairo,
Egypt, on Jan. 26, 2024. The Egyptian pound slipped sharply against the dollar
on Wednesday March 6, 2024 after Egypts central bank raised its main interest
rate and said it would allow the currency's exchange rate to be set by market
forces. The rising cost of basic goods has deepened the hardships faced by
middle-class and poor Egyptians. (AP Photo/Amr Nabil, File)


Copyright 2024 The Associated Press. All rights reserved

Egyptians walk past an exchange office in Cairo, Egypt, Wednesday, March 6,
2024. The Egyptian pound slipped sharply against the dollar on Wednesday after
the Central Bank of Egypt raised its main interest rate and said it would allow
the currency's exchange rate to be set by market forces. (AP Photo/Amr Nabil)



CAIRO – Egypt on Wednesday floated its currency and announced a deal with the
International Monetary Fund to increase its bailout loan from $3 billion to $8
billion, moving to shore up an economy hit by a staggering shortage of foreign
currency and soaring inflation.

The flotation of the Egyptian pound, combined with a sharp raise of the main
interest rate, is meant to combat inflationary waves and attract foreign
investment. The measures, announced by the Central Bank of Egypt early
Wednesday, were among the key demands of the IMF to increase its $3 billion
bailout loan that both parties agreed to in 2022. The central bank, known as
CBE, increased the key interest rate by 600 basis points to 27.75%.



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Following the announcement, the pound began floating and within hours lost more
than 60% of its value against the dollar. By the end of the day, commercial
banks were trading the U.S. currency at more than 50 pounds for $1, up from
about 31 pounds.

The value of a floating currency is determined each day by traders in global
markets, rather than by government policies. In that way, a floating currency
imposes discipline: Investors tend to buy the currency of a nation with prudent
economic policies, driving up its value.

Conversely, the market typically shuns the currencies of poorly managed
economies, keeping their value low. It often punishes countries that run up huge
deficits or that recklessly print money and stoke inflation. Black markets
emerge when a government fixes the value of its currency above what the market
thinks it's worth, which is what happened in Egypt.



The Egyptian economy has been hit hard by years of government austerity, the
coronavirus pandemic, the fallout from Russia's full-scale invasion of Ukraine,
and most recently, the Israel-Hamas war in Gaza. The Houthi attacks on shipping
routes in the Red Sea have slashed Suez Canal revenues, which is a major source
for foreign currency. The attacks forced traffic away from the canal and around
the tip of Africa.



The war in Ukraine, which rattled the global economy, hit cash-strapped Egypt
where it is financially vulnerable — the most populous Arab country is the
world’s biggest importer of wheat and needs to buy a majority of its food from
other countries to help feed its population of more than 104 million people.

The CBE said that its measures Wednesday would help end the black market in
currencies and slow inflation, which reached unprecedented levels in recent
months. The annual inflation rate was more than 31% in January, according to
official figures.



“The CBE will continue to target inflation as its nominal anchor, allowing the
exchange rate to be determined by market forces,” the central bank said.

The authorities also said the CBE has managed to “secure funds” for market needs
— an indication they expected the exchange rate to stabilize.

“We have sufficient foreign currency to cover our obligations, particularly
after the unification of the exchange rate,” central bank Gov. Hassan Abdalla
told a news conference. He said the CBE will focus on slowing down two-digit
inflation.

"We will not hesitate to take any measures to fight inflation," he said.

Analysts believe the source of the funds was a multibillion dollar deal last
week with an Emirati consortium to jointly develop the Mediterranean city of Ras
el-Hekma, 350 kilometers (about 220 miles) northwest of Cairo. Egypt will get
$35 billion from that deal.



The rising cost of basic goods has deepened the hardships faced by middle-class
and poor Egyptians. They have suffered from price hikes since the government
embarked on an ambitious reform program in 2016 to overhaul the battered
economy. Nearly 30% of Egyptians live in poverty, according to official figures.

The new devaluation and interest rate hike will inflict further pain on
Egyptians already struggling with soaring prices, said Hamish Kinnear, senior
analyst at risk intelligence company Verisk Maplecroft.

The central bank measures paved the way for an agreement with the IMF to
increase a bailout loan to $8 billion, up from $3 billion after marathon
negotiations. The agreement, announced late Wednesday afternoon, still needs the
approval of the IMF executive board, which is expected to meet this month.



“The authorities are showing strong commitment to act promptly on all critical
aspects of their economic reform program," said Ivanna Vladkova Hollar, IMF
mission chief for Egypt, adding that the main reforms include a free-floating
exchange rate and a slowdown in infrastructure spending to reduce inflation.

Egyptian Prime Minister Moustafa Madbouly said the new deal would enable the
government to receive loans from other financial institutions, including the
World Bank.

___

AP Economics Writer Paul Wiseman in Washington contributed to this report.

Copyright 2024 The Associated Press. All rights reserved. This material may not
be published, broadcast, rewritten or redistributed without permission.

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