In a statement during a press conference held on Wednesday, the Prime Minister said, “July saw the highest level of dollar resources in Egypt’s history, at approximately $8.5 billion. These resources are far from hot money; they came from all sectors of the state, including a historic leap in remittances from Egyptians abroad.”
He noted that this reflects the trust of Egyptians in their economy.
“Let me remind you that when we had a problem and instability in the exchange rate, remittances from Egyptians abroad were at their lowest. Today, when remittances from Egyptians abroad reach more than $3.6 billion in a single month, this number reflects the confidence of the Egyptian citizens abroad in the stability and strength of the Egyptian economy,” he explained.
He clarified, “Consequently, our total resources from exports, tourism, industry, and all services, in addition to remittances from Egyptians abroad, reached $8.5 billion. This is the highest rate of dollar resources we have ever recorded in the history of Egypt in one month.”
Madbouly also stated that the foreign currency reserve rate has reached $49 billion, as previously announced. The annual inflation rate has also dropped to 13.1 percent compared to 14.4 percent in the previous month.
This all largely reflects a significant improvement in economic performance.
He added that the merchandise trade deficit has also decreased by 25 percent, reaching only $11 billion in a five-month period from January to May.
He noted that this massive number was achieved not by reducing imports but by increasing Egyptian exports, which is an overall improvement in the economy’s performance.
The Prime Minister continued, “As experts always say, rely on sustainable resources, which are represented by an increase in exports, manufacturing rates, and remittances from Egyptians abroad.”
Madbouly pointed out that the only affected item are Suez Canal revenues, due to the exceptional geopolitical circumstances. In contrast, all other sectors that represent sustainable resources are witnessing significant growth at rates the Egyptian economy has not seen in a long time.
