Egypt Macro | EGP dynamics: good so far
A healthy response to floatation. The volatility of the USD:EGP market rate, which peaked to EGP18.7 since the float, confirms freedom in rate-setting. Alongside NIR reaching a 5-year high of USD23bn in Nov-16 (equivalent to 5 months of imports), suggests no direct influence or rate targeting on part of monetary authorities, which we see as positive. We reiterate our view that the USD:EGP is likely to continue weakening over the coming few months due to pent-up USD demand (companies in our coverage universe are receiving the bulk, if not the entirety of USD needs from banks), before the EGP starts to appreciate later in 1H17 closer to our end-FY16/17 forecast of EGP14.0.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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