Egypt confident in ability to satisfy FX demand – PM
Government prioritises essentials, medications, fuel products, and industrial sector production needs
The Egyptian state is confident in its ability to satisfy the demand for foreign currency from now on, Egypt’s Prime Minister, Dr Moustafa Madbouli, said on Thursday.
He told reporters, in a televised news conference in Alexandria Port, that the government had given priority to essentials, medications, fuel products, and industrial sector production needs, but consumables are not given priority.
Madbouli went on to say that in order to preserve foreign exchange reserves, his administration places a high priority on promoting domestic manufacturing in order to replace imported items.
In order to support increased exports and foreign cash inflows, Dr. Madbouli emphasized that his administration is concentrating on streamlining spending, completing ongoing projects, and resuming the production capability of local firms.
“We gave the Ministry of the Interior strict instructions on the illicit foreign currency market. Our goal is to get the amount of remittances from foreigners back to historical levels. Our goal is to use the financial system to assist the creation of a single, official foreign exchange market. It’s a fight to bring the Egyptian economy back into equilibrium, according to Madbouli.
