Egypt maintains economic stability 40 days after regional tensions erupt – PM

Egypt’s Prime Minister Moustafa Madbouly said on Thursday the country’s economy remains stable 40 days after the outbreak of the regional conflict, citing steady foreign currency availability and a rise in international reserves.

Speaking at a press conference, Madbouly said Egypt had maintained close coordination with the Central Bank of Egypt (CBE) to secure essential imports and manage the economic impact of the ongoing crisis.

Net foreign reserves rose to about $52.8 billion in March from $52.7 billion in February, he said, despite extraordinary pressures linked to the conflict.

The prime minister added that domestic markets continue to meet demand without disruption, supported by the central bank’s flexible monetary policy.

“Thanks to God, despite all these pressures, Egypt’s strategic commodity reserves cover six to 12 months, so there is no shortage of essential goods,” Madbouly said.

He also pointed to recent assessments by ratings agencies, with Fitch highlighting the strength of Egypt’s foreign currency reserves and Moody’s maintaining the country’s credit rating with a positive outlook.

Attribution: Amwal Al Ghad English