Prime Minister Mostafa Madbouly presided over the weekly government meeting on Wednesday, discussing several critical issues.
The Prime Minister emphasized the ongoing efforts to advance economic reform, in collaboration with the Central Bank of Egypt (CBE).
Madbouly remarked that leveraging the positive outcomes of recent policy decisions is key to reinstating complete confidence, securing necessary foreign exchange resources, and drawing foreign investments.
He noted the current phase shows numerous encouraging signs, particularly the steady return of remittances from Egyptian expatriates to standard levels. This is attributed to the diminishing parallel market, as evidenced by the narrowing gap between official and black market exchange rates. Additionally, the Ministry of Interior’s active campaigns against currency trafficking have led to numerous arrests recently.
Banks and currency exchange firms have seen an influx of citizens exchanging dollars for Egyptian pounds, as reported by CBE’s Governor Hassan Abdullah.
Madbouly also mentioned the significant clearance of goods backlogged at various ports.
In recent days, goods valued at roughly EGP 3bn were released, he stated, assuring that the government will provide all necessary support and outlining a strategy to settle dues with foreign partners.
Madbouly highlighted recent positive evaluations of Egypt’s economy, including Moody’s credit rating agency’s revision of its outlook on Egypt’s economic future from negative to positive, which could signal an upgrade in Egypt’s credit rating soon.
Furthermore, the Prime Minister pointed out the increased dollar transactions by tourism companies through the banking system, resulting in the acquisition of the Egyptian pound.
