Egypt’s Cabinet spokesperson Mohamed al-Homsani has said the recent appreciation of the Egyptian pound against the US dollar reflects the strength of the country’s economic fundamentals rather than an influx of speculative capital.
Speaking in a radio interview, al-Homsani pointed to a range of positive indicators underpinning the currency’s performance.
He noted that annual inflation eased from 14 percent to 13 percent in July, while exports rose by more than 22 percent.
The tourism sector and remittances from Egyptians working abroad have also shown marked improvement, he added.
Al-Homsani highlighted President Abdel Fattah al-Sisi’s recent meeting with Ugandan President Yoweri Museveni as a reaffirmation of Egypt’s rights to Nile waters, while also underscoring Cairo’s commitment to supporting development initiatives in other Nile Basin countries.
On regional diplomacy, he outlined the outcomes of Prime Minister Mostafa Madbouly’s visit to Jordan, which included discussions with King Abdullah II on energy cooperation, transport links, industrial integration, and the legal status of Egyptian workers in the kingdom. The visit also saw the signing of several bilateral agreements aimed at strengthening economic and social ties.
Turning to domestic policy, al-Homsani confirmed Cabinet approval for a series of measures to regulate landlord–tenant relations under the old rent law. These include the formal registration of non-residential units and the introduction of relocation options accessible via an online platform and post offices, with applications to be processed within three months.
He also revealed that work is under way on a comprehensive plan to modernise Egypt’s media landscape. The proposal, currently in preparation, will be presented to President al-Sisi following his recent consultations with senior media leaders.
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