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www.bloomberg.com Egypt Net Foreign Reserves Mostly Unchanged as IMF Deal in Focus
ByMirette Magdy+Follow
2-2 minutes
Sign up for our Middle East newsletter and follow us @middleeast for news on the region.
Egypt’s net international reserves saw a slight decline in August, as authorities strive to secure International Monetary Fund assistance and more investments from Gulf allies.
The figure was $33.142 billion last month versus $33.143 billion in July, the central bank said Wednesday in a statement. It’s the lowest since June 2017, according to Bloomberg calculations.
The North African nation is racing to buttress the economy after Russia’s war on Ukraine sent food and fuel import bills soaring and helped spur an exodus of foreign portfolio investors from the local debt market. Egypt’s government has said there’s reassuring progress in talks with the IMF on a so-called Extended Fund Facility.
The reserve figures are being closely watched amid speculation on how the most populous Arab nation will handle its external funding gap and debt commitments. Pressure is mounting on the Egyptian pound even after it was devalued by about 15% in March, with economists and analysts saying it needs to fall further.
Energy-rich Gulf nations have pledged more than $22 billion in deposits and investments to help Egypt ride out the economic shock-waves of the Ukraine conflict. Only a fraction of those investments have yet been finalized.
— With assistance by Tarek El-Tablawy
ByMirette Magdy+Follow
2-2 minutes
Sign up for our Middle East newsletter and follow us @middleeast for news on the region.
Egypt’s net international reserves saw a slight decline in August, as authorities strive to secure International Monetary Fund assistance and more investments from Gulf allies.
The figure was $33.142 billion last month versus $33.143 billion in July, the central bank said Wednesday in a statement. It’s the lowest since June 2017, according to Bloomberg calculations.
The North African nation is racing to buttress the economy after Russia’s war on Ukraine sent food and fuel import bills soaring and helped spur an exodus of foreign portfolio investors from the local debt market. Egypt’s government has said there’s reassuring progress in talks with the IMF on a so-called Extended Fund Facility.
The reserve figures are being closely watched amid speculation on how the most populous Arab nation will handle its external funding gap and debt commitments. Pressure is mounting on the Egyptian pound even after it was devalued by about 15% in March, with economists and analysts saying it needs to fall further.
Energy-rich Gulf nations have pledged more than $22 billion in deposits and investments to help Egypt ride out the economic shock-waves of the Ukraine conflict. Only a fraction of those investments have yet been finalized.
— With assistance by Tarek El-Tablawy
pietro17elettra
Nonno pensionato
POLL-Egypt's central bank to raise interest rates by 100 bps
19/09/2022 17:38 - RSF
* reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/cb-polls?RIC=EGINTR%3DECI
CAIRO, Sept 19 (Reuters) - Egypt's central bank will raise its overnight deposit rate by 100 basis points (bps) on Thursday as it tries to dampen resurgent inflation, a Reuters poll forecast.
The median forecast in a poll of 15 analysts is for the bank to raise its deposit rate to 12.25% and its lending rate to 13.25% at its regular monetary policy committee meeting.
The committee will meet a day after a meeting of the Federal Reserve, which is expected to raise U.S. interest rates.
Egypt's central bank kept its rates on hold at its last two meetings, on June 23 and August 18, but raised them by 200 bps in May, saying it was seeking to contain inflation expectations after prices surged by their fastest in three years.
"A continued rise in inflation and in parallel Egyptian pound weakness warrant further monetary tightening," said Mohamed Abu Basha of EFG Hermes.
Egypt's annual urban consumer inflation quickened to 14.6% year-on-year in August from 13.6% in July, while core inflation rose to 16.7% from 15.6%.
The central bank has an inflation target range of 5-9%, but in June said it would tolerate a higher level until after the fourth quarter.
Not all analysts expect a rate hike.
Wael Ziada of Zilla Holding said most of the economic shock to Egypt has been external and has already been reflected in the domestic inflation rate. Any interest rate increase would have little effect on inflation.
"External variables with regard to oil prices and the food price index may indicate that the worst in terms of importing inflation has passed," he said.
(Reporting by Patrick Werr, Editing by William Maclean)
(([email protected]
)
19/09/2022 17:38 - RSF
* reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/cb-polls?RIC=EGINTR%3DECI
CAIRO, Sept 19 (Reuters) - Egypt's central bank will raise its overnight deposit rate by 100 basis points (bps) on Thursday as it tries to dampen resurgent inflation, a Reuters poll forecast.
The median forecast in a poll of 15 analysts is for the bank to raise its deposit rate to 12.25% and its lending rate to 13.25% at its regular monetary policy committee meeting.
The committee will meet a day after a meeting of the Federal Reserve, which is expected to raise U.S. interest rates.
Egypt's central bank kept its rates on hold at its last two meetings, on June 23 and August 18, but raised them by 200 bps in May, saying it was seeking to contain inflation expectations after prices surged by their fastest in three years.
"A continued rise in inflation and in parallel Egyptian pound weakness warrant further monetary tightening," said Mohamed Abu Basha of EFG Hermes.
Egypt's annual urban consumer inflation quickened to 14.6% year-on-year in August from 13.6% in July, while core inflation rose to 16.7% from 15.6%.
The central bank has an inflation target range of 5-9%, but in June said it would tolerate a higher level until after the fourth quarter.
Not all analysts expect a rate hike.
Wael Ziada of Zilla Holding said most of the economic shock to Egypt has been external and has already been reflected in the domestic inflation rate. Any interest rate increase would have little effect on inflation.
"External variables with regard to oil prices and the food price index may indicate that the worst in terms of importing inflation has passed," he said.
(Reporting by Patrick Werr, Editing by William Maclean)
(([email protected]
)fedro10
è la somma che fa il totale...
gualberto
Charlie don't Surf
IMF's talks with Egypt, Tunisia approach its end
Talks with Egypt and Tunisia concern new programs that will be executed hand in hand with reforms and economic programs put forth by the two countries
pietro17elettra
Nonno pensionato
UPDATE 1-Egypt's 2021/22 natural gas and LNG export revenue hits $8 bln - cabinet
25/09/2022 11:54 - RSF
(Adds Background)
Sept 25 (Reuters) - Egypt's natural gas and liquefied natural gas (LNG) export revenue reached $8 billion in its 2021/22 fiscal year after volumes increased by 7.2 million tonnes, the Egyptian cabinet said on its Facebook page on Sunday.
The statement did not include comparative numbers for the previous fiscal year. Egypt's fiscal year runs from July 1 to June 30.
Egypt earns about $500 million monthly from natural gas exports and aims to raise that figure to $1 billion "in the coming period", Finance Minister Mohamed Maait said in a statement last week.
Egypt has been pushing to maximise its exports of natural gas to generate foreign currency revenue after coming under financial pressure due to the impact of the war in Ukraine.
The government says gas exports have been boosted after the it introduced an electricity rationing plan in August.
(Reporting by Moataz Mohamed; Editing by David Clarke and David Evans)
(([email protected])
25/09/2022 11:54 - RSF
(Adds Background)
Sept 25 (Reuters) - Egypt's natural gas and liquefied natural gas (LNG) export revenue reached $8 billion in its 2021/22 fiscal year after volumes increased by 7.2 million tonnes, the Egyptian cabinet said on its Facebook page on Sunday.
The statement did not include comparative numbers for the previous fiscal year. Egypt's fiscal year runs from July 1 to June 30.
Egypt earns about $500 million monthly from natural gas exports and aims to raise that figure to $1 billion "in the coming period", Finance Minister Mohamed Maait said in a statement last week.
Egypt has been pushing to maximise its exports of natural gas to generate foreign currency revenue after coming under financial pressure due to the impact of the war in Ukraine.
The government says gas exports have been boosted after the it introduced an electricity rationing plan in August.
(Reporting by Moataz Mohamed; Editing by David Clarke and David Evans)
(([email protected]
)
pietro17elettra
Nonno pensionato
AGGIORNAMENTO 4-Capricorn per fondersi con NewMed nel legame del gas Israele-Egitto, abbandonando Tullow
29/09/2022 19:03 - RSF
*
Accordo Capricorn-NewMed per valutare il Capricorno a 271 p/sh
*
I proprietari di NewMed deterrebbero poco meno del 90% del nuovo gruppo
*
L'accordo posizionerebbe il gruppo come potenziale fornitore di gas in Europa
(Aggiunge la dichiarazione di Tullow)
Di Shadia Nasralla, Ron Bousso e Ari Rabinovitch
LONDRA, 29 settembre (Reuters) - Capricorn Energy (CNE.L) prevede di fondersi con la NewMed israeliana in un accordo all-share dopo aver pagato un dividendo speciale di 620 milioni di dollari ai suoi azionisti, abbandonando un precedente schema per fondersi con Tullow Oil (TLW. L).
L'accordo Capricorn-NewMed creerebbe un produttore di gas incentrato su Israele-Egitto, inclusa la partecipazione di NewMed nel gigantesco giacimento offshore israeliano Leviathan in un momento in cui l'Europa è alla ricerca di forniture energetiche non russe.
Il nuovo gruppo sarebbe quotato sotto NewMed, precedentemente noto come Delek Drilling, a Londra e guidato da Yossi Abu, l'amministratore delegato di NewMed i cui azionisti deterranno l'89,7% dell'entità risultante dalla fusione.
Le azioni di Capricorn sono state scambiate in rialzo di oltre il 10% dopo l'annuncio, raggiungendo il livello più alto dal 2018. Le azioni di Tullow sono scese di circa il 3,6% mentre quelle di NewMed sono scese di poco meno dell'1%.
Abu ha affermato che il nuovo gruppo mirerà ad aumentare la sua produzione a oltre 200.000 barili di petrolio equivalente al giorno (boed) entro la fine del decennio dai suoi attuali 115.000 boed.
"Stiamo creando una società che per la prima volta consente agli investitori internazionali di ottenere un'esposizione diretta al gioco del gas East Med e al Leviatano in particolare", ha affermato Abu.
Sarà la prima compagnia israeliana a possedere asset di petrolio e gas in Egitto, uno stato arabo vicino con un trattato di pace con Israele e una popolazione affamata di energia di circa 100 milioni. Israele fornisce già gas all'Egitto dopo aver scoperto grandi risorse al largo delle sue coste negli anni 2000.
In una teleconferenza, Abu ha affermato che la fusione posiziona meglio NewMed come potenziale fornitore di gas per l'Europa, aggiungendo che la società sta ancora valutando le sue opzioni per sviluppare ulteriormente il Leviatano.
Un'opzione è costruire un terminale galleggiante di gas nazionale liquefatto (FLNG), che ha ricevuto il sostegno del governo israeliano, ha affermato. L'altro è il collegamento tramite gasdotto ai terminali GNL nel nord dell'Egitto.
L'accordo valuterebbe le azioni Capricorn a 271 pence, un premio del 13% sull'ultimo prezzo di chiusura. L'accordo con Tullow, incentrato sull'Africa occidentale, aveva valutato il Capricorno a circa 210 pence per azione.
Alcuni investitori del Capricorno si erano opposti al piano di fusione di Tullow. Tullow ha affermato che non aumenterà la sua offerta, indicando il suo piano aziendale su base autonoma.
La fusione vedrebbe Capricorn emettere nuove azioni agli investitori NewMed sulla base di un rapporto di cambio di circa 2,34 per azione NewMed, con il risultato che gli azionisti Capricorn detengono poco più del 10% della nuova società. L'accordo dovrebbe concludersi nel primo trimestre del prossimo anno.
James Smith, Chief Financial Officer di Capricorn, rimarrà con NewMed Energy, che dovrebbe pagare almeno il 30% del suo flusso di cassa, che dovrebbe raggiungere circa $ 450 milioni all'anno dopo il finanziamento nei prossimi cinque anni, in dividendi.
(Segnalazione di Shadia Nasralla; Montaggio di Angus MacSwan e Mark Porter)
(([email protected]; Reuters Messaging: Reuters Messaging: [email protected]))
29/09/2022 19:03 - RSF
*
Accordo Capricorn-NewMed per valutare il Capricorno a 271 p/sh
*
I proprietari di NewMed deterrebbero poco meno del 90% del nuovo gruppo
*
L'accordo posizionerebbe il gruppo come potenziale fornitore di gas in Europa
(Aggiunge la dichiarazione di Tullow)
Di Shadia Nasralla, Ron Bousso e Ari Rabinovitch
LONDRA, 29 settembre (Reuters) - Capricorn Energy (CNE.L) prevede di fondersi con la NewMed israeliana in un accordo all-share dopo aver pagato un dividendo speciale di 620 milioni di dollari ai suoi azionisti, abbandonando un precedente schema per fondersi con Tullow Oil (TLW. L).
L'accordo Capricorn-NewMed creerebbe un produttore di gas incentrato su Israele-Egitto, inclusa la partecipazione di NewMed nel gigantesco giacimento offshore israeliano Leviathan in un momento in cui l'Europa è alla ricerca di forniture energetiche non russe.
Il nuovo gruppo sarebbe quotato sotto NewMed, precedentemente noto come Delek Drilling, a Londra e guidato da Yossi Abu, l'amministratore delegato di NewMed i cui azionisti deterranno l'89,7% dell'entità risultante dalla fusione.
Le azioni di Capricorn sono state scambiate in rialzo di oltre il 10% dopo l'annuncio, raggiungendo il livello più alto dal 2018. Le azioni di Tullow sono scese di circa il 3,6% mentre quelle di NewMed sono scese di poco meno dell'1%.
Abu ha affermato che il nuovo gruppo mirerà ad aumentare la sua produzione a oltre 200.000 barili di petrolio equivalente al giorno (boed) entro la fine del decennio dai suoi attuali 115.000 boed.
"Stiamo creando una società che per la prima volta consente agli investitori internazionali di ottenere un'esposizione diretta al gioco del gas East Med e al Leviatano in particolare", ha affermato Abu.
Sarà la prima compagnia israeliana a possedere asset di petrolio e gas in Egitto, uno stato arabo vicino con un trattato di pace con Israele e una popolazione affamata di energia di circa 100 milioni. Israele fornisce già gas all'Egitto dopo aver scoperto grandi risorse al largo delle sue coste negli anni 2000.
In una teleconferenza, Abu ha affermato che la fusione posiziona meglio NewMed come potenziale fornitore di gas per l'Europa, aggiungendo che la società sta ancora valutando le sue opzioni per sviluppare ulteriormente il Leviatano.
Un'opzione è costruire un terminale galleggiante di gas nazionale liquefatto (FLNG), che ha ricevuto il sostegno del governo israeliano, ha affermato. L'altro è il collegamento tramite gasdotto ai terminali GNL nel nord dell'Egitto.
L'accordo valuterebbe le azioni Capricorn a 271 pence, un premio del 13% sull'ultimo prezzo di chiusura. L'accordo con Tullow, incentrato sull'Africa occidentale, aveva valutato il Capricorno a circa 210 pence per azione.
Alcuni investitori del Capricorno si erano opposti al piano di fusione di Tullow. Tullow ha affermato che non aumenterà la sua offerta, indicando il suo piano aziendale su base autonoma.
La fusione vedrebbe Capricorn emettere nuove azioni agli investitori NewMed sulla base di un rapporto di cambio di circa 2,34 per azione NewMed, con il risultato che gli azionisti Capricorn detengono poco più del 10% della nuova società. L'accordo dovrebbe concludersi nel primo trimestre del prossimo anno.
James Smith, Chief Financial Officer di Capricorn, rimarrà con NewMed Energy, che dovrebbe pagare almeno il 30% del suo flusso di cassa, che dovrebbe raggiungere circa $ 450 milioni all'anno dopo il finanziamento nei prossimi cinque anni, in dividendi.
(Segnalazione di Shadia Nasralla; Montaggio di Angus MacSwan e Mark Porter)
(([email protected]; Reuters Messaging: Reuters Messaging: [email protected]))
pietro17elettra
Nonno pensionato
Egypt's net foreign assets resume decline in August
02/10/2022 16:21 - RSF
CAIRO, Oct 2 (Reuters) - Egypt's net foreign assets (NFAs) fell by 18.06 billion Egyptian pounds ($925 million) in August, resuming a near year-long decline that had paused the month before, central bank data showed.
The central bank has been relying on NFAs, which represent banking system assets owed by non-residents minus liabilities, to help support the currency. They include foreign assets held by the central bank.
NFAs fell to a negative 385.9 billion pounds at the end of August from a negative 367.8 billion pounds a month earlier. In July they rose by 2.27 billion pounds after nine months of decline.
In September 2021, before the decline began, NFAs stood at a positive 248 billion pounds. Russia's invasion of Ukraine in February sparked further investor unease, unleashing an even bigger flood of outflows.
Changes in the amount of NFAs represent net transactions of the banking system with the foreign sector, including those of the central bank, according to the bank.
($1 = 19.4900 Egyptian pounds)
(Reporting by Patrick Werr; Editing by Jan Harvey)
(([email protected])
02/10/2022 16:21 - RSF
CAIRO, Oct 2 (Reuters) - Egypt's net foreign assets (NFAs) fell by 18.06 billion Egyptian pounds ($925 million) in August, resuming a near year-long decline that had paused the month before, central bank data showed.
The central bank has been relying on NFAs, which represent banking system assets owed by non-residents minus liabilities, to help support the currency. They include foreign assets held by the central bank.
NFAs fell to a negative 385.9 billion pounds at the end of August from a negative 367.8 billion pounds a month earlier. In July they rose by 2.27 billion pounds after nine months of decline.
In September 2021, before the decline began, NFAs stood at a positive 248 billion pounds. Russia's invasion of Ukraine in February sparked further investor unease, unleashing an even bigger flood of outflows.
Changes in the amount of NFAs represent net transactions of the banking system with the foreign sector, including those of the central bank, according to the bank.
($1 = 19.4900 Egyptian pounds)
(Reporting by Patrick Werr; Editing by Jan Harvey)
(([email protected]
)
pietro17elettra
Nonno pensionato
World Bank to give Egypt $400 mln to develop sustainable transport infrastructure - ministry
Oggi 11:35 - RSF
CAIRO, Oct 3 (Reuters) - The World Bank has agreed to provide Egypt with $400 million to develop sustainable infrastructure and lower carbon emissions in its transportation sector, the ministry of international cooperation said in a tweet on Monday.
(Reporting by Moataz Mohamed; Writing by Nadine Awadalla; Editing by Philippa Fletcher)
(([email protected])
Oggi 11:35 - RSF
CAIRO, Oct 3 (Reuters) - The World Bank has agreed to provide Egypt with $400 million to develop sustainable infrastructure and lower carbon emissions in its transportation sector, the ministry of international cooperation said in a tweet on Monday.
(Reporting by Moataz Mohamed; Writing by Nadine Awadalla; Editing by Philippa Fletcher)
(([email protected]
)