PM: Egypt’s FX reserves cover 8 months of imports, ensuring economic stability

Prime Minister Moustafa Madbouly said on Thursday that Egypt’s foreign reserves currently cover eight months of imports, ensuring economic stability. He highlighted that the sources of foreign currency within the country are stable and that the state’s primary needs are secured.

During a press conference, Prime Minister Madbouly stated: “During currency crises, many black-market traders benefit by spreading rumors to create confusion.”

He affirmed that the government has a clear vision, but unexpected shocks, such as escalating events in the Middle East, their repercussions, and fears of expanding conflict, pose challenges. He also mentioned global market fluctuations.

The prime minister added that global losses from the “Black Monday” incident were estimated at $6 trillion, noting, “there is a worldwide crisis of confidence, and it has become a global issue.”