Egypt's foreign exchange reserves have reached a record high of $57.35 billion as of September, according to the Central Bank. This significant increase is attributed to various economic developments, including a surge in remittances from Egyptians abroad. The Central Bank reported that remittances from January to July rose by 28.1% to approximately $29.7 billion, compared to $23.2 billion during the same period last year.
President Abdel Fattah El-Sisi has concluded a tour of Asian nations, including South Korea, Malaysia, and Indonesia, securing investment pledges. During his visit, El-Sisi emphasized that the confidence of investors in Egypt is linked to the country's stability. He highlighted that the Egyptian people are the true heroes in achieving this stability, which has attracted investors. The President's tour aimed to boost trade and investment between Egypt and the visited nations.
The Egyptian government is optimistic about attracting more foreign investment, particularly from Asian nations. El-Sisi stated that his administration is prepared to support and encourage investments from businessmen in the countries he visited. The government is also exploring opportunities for joint ventures with the private sector. The President's statements suggest that Egypt is committed to creating a favorable business environment.
Despite the positive economic developments, the Egyptian currency has faced pressure, with the US dollar reaching 53 Egyptian pounds. However, the Central Bank's announcement of a record-high foreign exchange reserve has boosted confidence in the economy. The bank's efforts to stabilize the currency and attract foreign investment are ongoing.
A recent survey conducted by the Central Agency for Public Mobilization and Statistics revealed that Egyptians prefer to pay in cash, even when making online purchases. The survey found that 95% of individuals who shop online prefer to pay in cash upon delivery, while 11.2% use electronic wallets and 6.65% use credit cards.
The Egyptian government is working to improve the business environment and attract foreign investment. El-Sisi's tour of Asian nations has yielded positive results, with several agreements and memoranda of understanding signed. The government aims to increase trade and investment, which will contribute to the country's economic growth.
The Central Bank's announcement of a record-high foreign exchange reserve has been welcomed as a positive development. The bank's efforts to stabilize the economy and attract foreign investment are ongoing. The Egyptian people's role in achieving economic stability has been highlighted as crucial, with President El-Sisi emphasizing their importance in attracting investors.
Key points
- Egypt's foreign exchange reserves have reached a record high of $57.35 billion.
- President El-Sisi secures investment pledges from Asian nations during his tour.
- Egyptians prefer to pay in cash, even when making online purchases, according to a recent survey.
