Director of Cairo Studies: Foreign Reserves Exceed $50 Billion with Ambition to Reach $70 Billion
Abdel Moneim El-Sayed confirms Egypt's foreign reserves have risen to over $50 billion with ambitions to increase further.
SUMMARY
Dr. Abdel Moneim El-Sayed, Director of the Cairo Center for Economic Studies, confirmed that coordination between monetary and fiscal policies under President El-Sisi's supervision contributed to the stability of the dollar exchange rate and increased remittances from Egyptians abroad. Foreign reserves rose to over $50 billion with ambitions to reach $70 billion, alongside achieving good economic growth.
KEY HIGHLIGHTS
- Egypt's foreign currency reserves reached about $50.215 billion.
- Remittances from Egyptians working abroad are expected to exceed $37 billion by the end of 2025.
- Egypt achieved an economic growth rate of 5.4% during the last quarter.
- President El-Sisi monitors mechanisms to enhance financial and monetary stability with the Prime Minister and Central Bank Governor.
CORE SUBJECT
Egypt's foreign reserves and economic policies
Dr. Abdel Moneim El-Sayed, Director of the Cairo Center for Economic Studies, stated that the meetings between Dr. Mostafa Madbouly, Prime Minister, and Hassan Abdullah, Governor of the Central Bank, aim to enhance coordination between monetary and fiscal policies. He pointed out that President Abdel Fattah El-Sisi's oversight of these policies is a key factor in achieving economic and political stability in the Egyptian market.
El-Sayed added during a phone interview on the program "Hadret Al-Mowaten" on Al-Hadath Al-Youm channel, aired today Sunday, that this coordination has clearly reflected on the stability of the US dollar exchange rate against the Egyptian pound, with the market experiencing relative stability for nearly a year. This has contributed to an increase in remittances from Egyptians working abroad, with expectations of these remittances rising to more than $37 billion by the end of 2025.
He continued that Egypt's foreign currency reserves have reached about $50.215 billion, a good level that covers the country's import needs for a period ranging between 7 and 8 months. He noted there is an ambition to increase these reserves to more than $70 billion in the coming period.
He emphasized the importance of sustainable development and fiscal discipline, meaning the government's commitment to prudent spending and wise management of public expenditures.
He added that the state currently aims to raise economic financial rates and indicators, noting that Egypt achieved an economic growth rate of 5.4% during the last quarter, which he described as good, expressing hope for higher growth rates in the coming periods.
President Abdel Fattah El-Sisi had met with Dr. Mostafa Madbouly, Prime Minister, Hassan Abdullah, Governor of the Central Bank, and Ahmed Kouchouk, Minister of Finance, to follow up on mechanisms to enhance financial and monetary stability and efforts to secure the financial needs of key sectors to ensure market requirements are met and to support the business and production environment.
KEYWORDS
MENTIONED ENTITIES 7
Abdel Moneim El-Sayed
👤 Person_MaleDirector of the Cairo Center for Economic Studies
Mostafa Madbouly
👤 Person_MalePrime Minister of Egypt
Hassan Abdullah
👤 Person_MaleGovernor of the Central Bank of Egypt
Abdel Fattah El-Sisi
👤 Person_MalePresident of the Arab Republic of Egypt
Ahmed Kouchouk
👤 Person_MaleEgyptian Minister of Finance
Cairo Center for Economic Studies
🏛️ OrganizationEconomic research center in Egypt
Al-Hadath Al-Youm Channel
🏛️ OrganizationEgyptian television channel