الضغوط تتصاعد على السيولة الدولارية في مصر.. والأنظار على الجنيه
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00:00 The economy of Egypt is under the supervision of international institutions this time, but these reviews or for the international institutions come in conjunction with the continuation of economic risks.
00:14 Let's focus on the latest developments that the Egyptian government is making in terms of reforms in the face of weak liquidity.
00:23 Here we are talking about the weak foreign currency in the Egyptian market. Recently, Modi, which extends the review period for the financial classification for three additional months,
00:33 despite the continued pressure on local currency and foreign currency, as well as the market, gave this period to monitor the stability of the international currency fund program,
00:45 in particular, the loan between the Egyptian government and the international currency fund. Today, we are talking about the balance between the progress in reform and the weakness of foreign liquidity.
00:55 But on the other hand, Egypt was actually making some reforms, especially in terms of the implementation of stimulating foreign currency in the market,
01:06 with several different and varied measures, especially for foreigners and investors from abroad and residents abroad.
01:17 The reduction in the recommendation to buy Egyptian bonds due to the delay in the sale of assets, according to the latest statements made by Citi in these directions.
01:27 Let's focus on the sale of Egyptian assets. In the past, the Egyptian government announced the sale of assets and the proposals made by government companies.
01:37 The target was $4.6 billion in the past year since 2024, and it was also targeted at $2 billion by the end of June this year.
01:50 But the actual target was $1.9 billion, which is still far from the target in June, and is expected to reach $4.6 billion in 2024.
02:09 We were talking about this set of proposals that we have seen and implemented, but they are still far from the targets that the Egyptian government was targeting.
02:20 What are the risks today? The risks of dollar liquidity in Egypt, which is still a hindrance to the Egyptian government in terms of the reforms it is making,
02:28 and perhaps specifically in the strong reverberations that the local currency has been going through.
02:34 We are talking about the lack of foreign currency, which in June recorded $27.4 billion.
02:39 This is the first time that the liquidity has exceeded the liquidity in terms of gold extraction and private withdrawal rights.
02:47 This is the first time that the liquidity has exceeded the liquidity in foreign currencies for the Egyptian central bank.
02:55 We are talking about the lack of foreign currency and the fall of the currency in the equilateral markets.
03:05 There is still a gap between the exchange rate of the currency in the official market and the official market, and also in the black market, which is about 20%.
03:10 The government has also worked on this to narrow the gap between the official market and the black market.
03:25 The Egyptian president has previously indicated that there will be no further drop in the currency in the coming period.
03:35 But the market is now saying that there have been drops in the shadow of this, and perhaps the extension that Moody's has done in terms of the specifications,
03:43 and specifically in terms of the review of the Egyptian economy in the shadow of the loan with the IMF.
03:50 We are talking about the increase in borrowing costs, the rise of debt to 100% of the local income of 95% currently,
03:57 the decrease in the purchasing power of families, and the acceleration of inflation to a level that exceeds 36% of the inflationary environment that the Egyptian economy has.