The head of the Egyptian parliament’s planning and budget committee, Fakhri al-Fiki, said the Egyptian economy will overcome the difficulties of a foreign exchange deficit in light of recent decisions.
He pointed out that the production base of the Egyptian economy is diversified and not one-sided.
Al-Feki added during a phone call on CBC’s Evening with Kaswaa that Egypt has 5 sources of foreign exchange that flow into the arteries of the economy, namely oil and non-oil exports. , Egyptian remittances abroad, the Suez Canal and direct Arab and foreign investment.
He said the International Monetary Fund estimates that foreign exchange from these sources will reach $113 billion this year, of which $85 billion will come from imports.
He pointed out that the central bank is now fighting high prices and inflation, and it must quickly end this battle, because high prices affect the social structure and therefore the most needy groups must be saved.
He explained that for this reason the central bank is tightening its monetary policy by raising the interest rate.
In context, he stated that the International Monetary Fund expects the inflation rate and high prices in Egypt to be a single figure in the second half of this year, continuing: rate and its stability.
Source: Egypt Times.