The Egyptian government issued a statement after a strong depreciation of the hard currency.

Egyptian Prime Minister Mostafa Madbouli said that all countries, without exception, are suffering from the consequences of the current crisis, explaining that the Egyptian state is taking many measures to combat it.

Madbouli added at a press conference that the current policy is to not put pressure on foreign exchange, which is the basis for trading in many commodities such as wheat, energy and others, and many measures have been taken to stop the bleeding. of our hard currency resources, indicating that Egypt has sought to increase its resources by operating at an unprecedented rate, increasing the rate of local production and supporting the tourism sector and the Egyptian state.

Egypt’s central bank said net foreign exchange reserves initially reached $33.143 billion at the end of July 2022, up from $33.375 billion at the end of June.

The balance of payments had a total deficit of about $7.3 billion, almost all registered during the first 9 months of 2022-2021 ending March last year, due to the consequences of the Russian-Ukrainian crisis, according to the Central Bank, in addition to the high score for imports in the light of rising world prices and the exit of foreign investments from a portfolio of securities that was redeemed without any delay, which led to a reduction in net capital inflows and financial transactions.

Source: Egyptian media

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