Egypt’s FX revenues, expenditure balance over 2 weeks

Prime Minister Mostafa Madbouly has announced that Egypt’s economic indicators are improving. He noted that foreign currency revenues and expenditures balanced over the past two weeks. This reflects a positive trajectory despite challenges. The government aims to achieve a surplus by focusing on key sectors: industry, agriculture, ICT, and tourism.

He noted a rise in net foreign assets in the banking sector, reaching $8.7 billion in January 2025, up from a negative $29 billion a year ago. This marks a significant increase of $37.8 billion since the government’s economic reforms began last year. Net foreign assets surged by nearly 60 per cent in January alone, rising from $5.2 billion in December to $8.7 billion.

Madbouly highlighted that Egypt’s Purchasing Managers’ Index (PMI) remained above 50 for the second consecutive month. This signals a positive outlook from the private sector and business community, boosting confidence in economic reforms.

Foreign currency reserves have also grown, reaching $47.4 billion, up by more than $128 million from the previous month. Madbouly stressed that all needs are being met despite higher demand for goods and foreign currency during Ramadan.

He also reported growth in the Ain Sokhna economic zone, where the number of factories doubled from 65 to 130 in three years. An additional 120 factories are under construction, expected to be completed by 2026 at the latest.

By the end of 2025, Egypt will have full production capacity for all solar panel components, aligning with its Vision 2030 goal to generate 42% of its energy from clean sources.

Madbouly also announced the discovery of a new oil and gas field, “Fayoum 5,” near the King Mariout field. Initial exploration shows promising reserves, supporting Egypt’s efforts to sustain payments to petroleum companies.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama