CAIRO: Egyptian Prime Minister Mostafa Madbouly said the Central Bank of Egypt (CBE)’s announcement that the country’s foreign currency reserves have surpassed $50 billion assures international institutions as well as all investors of Egypt’s economic stability and reform progress.
Speaking at a press conference following the Cabinet’s weekly meeting on Tuesday, Madbouly explained that Egypt’s foreign reserves have been rising for 38 consecutive months, driven by real economic sectors such as tourism, manufacturing, exports, ICT, and remittances from Egyptians abroad, rather than hot money (short-term capital flows).
He noted that Suez Canal revenues have started to grow again, and expressed optimism that regional stability would further boost Egypt’s foreign currency inflows.
The prime minister emphasised the government’s commitment to industrial localisation, noting that the foundation stone of a car factory was laid with $150 million investments to produce up to 100,000 vehicles annually.
