Pubblicato in: Banche Centrali, Devoluzione socialismo, Finanza e Sistema Bancario

Egitto. Ha aumentato i tassi di interesse di 200 punti base.

Giuseppe Sandro Mela.

2022-11-02.

2022-11-03__ Egitto 001

                         La mossa dell’Egitto di aumentare i tassi di interesse è un passo nella giusta direzione e un tasso di cambio flessibile aiuterà a proteggere la sua economia dagli shock in un momento di inasprimento delle condizioni finanziarie globali. Le autorità egiziane si sono impegnate a garantire un tasso di cambio flessibile e duraturo in concomitanza con un accordo a livello di staff per una linea di credito allargata del FMI da 3 miliardi di dollari. La banca centrale ha anche aumentato i tassi di interesse di 200 punti base in una riunione fuori dal ciclo.

                         L’Egitto sta lottando per far fronte all’impatto della guerra in Ucraina, che ha portato a un rapido deflusso degli investimenti di portafoglio, a un aumento delle importazioni di materie prime e a un calo delle entrate del turismo. L’accordo dovrebbe catalizzare un ampio pacchetto di finanziamenti pluriennali, tra cui circa 5 miliardi di dollari nell’anno fiscale che termina a giugno 2023, a testimonianza dell’ampio sostegno internazionale e regionale all’Egitto. Sì e alcune autorità del Golfo hanno già rilasciato dichiarazioni a sostegno del programma. Ha detto che i 5 miliardi di dollari per l’anno fiscale 2022-23 si aggiungeranno all’estensione dei depositi degli Stati del Golfo nella banca centrale egiziana.

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«Egypt’s move to raise interest rates is a step in the right direction and a flexible exchange rate will help protect its economy from shocks at a time of tightening global financial conditions. Egyptian authorities pledged a durably flexible exchange rate in conjunction with a staff-level agreement for a $3 billion IMF extended fund facility. The central bank also raised interest rates by 200 basis points in an out-of-cycle meeting.»

«Egypt has been struggling to cope with the impact of the war in Ukraine, which led to rapid outflows of portfolio investments, a hike in the commodity import bill and a drop in tourism revenues. It said the deal was expected to catalyst a large, multi-year financing package, including about $5 billion in the fiscal year ending June 2023, reflecting broad international and regional support for Egypt. Yes and some of the Gulf authorities already issued statements in support of the programme. He said the $5 billion for FY2022-23 would be in addition to the extension of Gulf states’ deposits in Egypt’s central bank.»

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Egypt interest rate hike step in right direction, IMF official says

Dubai, Oct 31 (Reuters) – Egypt’s move to raise interest rates is a step in the right direction and a flexible exchange rate will help protect its economy from shocks at a time of tightening global financial conditions, an International Monetary Fund official said.

Egyptian authorities pledged a “durably flexible” exchange rate in conjunction with a staff-level agreement for a $3 billion IMF extended fund facility. The central bank also raised interest rates by 200 basis points in an out-of-cycle meeting.

“The measures that the central bank took last week in hiking interest rates. ..goes in the right direction. It’s very important to control inflation,” the director of the IMF’s Middle East and Central Asia Department, Jihad Azour, told Reuters.

Egypt has been struggling to cope with the impact of the war in Ukraine, which led to rapid outflows of portfolio investments, a hike in the commodity import bill and a drop in tourism revenues.

The IMF, in a statement on Thursday confirming a staff-level agreement on a $3 billion, 46-month Extended Fund Facility, said a flexible exchange rate regime should be “a cornerstone policy” for rebuilding and safeguarding Egypt’s external resilience.

It said the deal was expected to catalyst a large, multi-year financing package, including about $5 billion in the fiscal year ending June 2023, reflecting “broad international and regional support for Egypt”.

Asked if there were assurances on assistance from wealthy Gulf states, Azour said: “Yes and some of the Gulf authorities already issued statements in support of the programme”. He said the $5 billion for FY2022-23 would be in addition to the extension of Gulf states’ deposits in Egypt’s central bank.

Any steps by Egypt that increase the level of predictability and bring confidence back is welcomed and allows Egypt to cover its financing needs, he said.

“We see that through these programmes there are enough financing assurances in order to cover their (Egypt’s) external financing needs,” he added.

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