Egypt has recorded its highest-ever level of dollar resources, with Prime Minister Mostafa Madbouly announcing that inflows reached approximately $8.5 billion in July, a milestone driven by exports, tourism, industry, and a historic surge in remittances from Egyptians abroad.
Speaking at a press conference on Wednesday, Madbouly rejected claims that the country’s economic improvement is solely a result of the International Monetary Fund program.
He emphasised that Egypt’s national reform initiatives have earned recognition from international institutions for their effectiveness.
“July saw the highest level of dollar resources in Egypt’s history, at approximately $8.5 billion.
These resources are far from hot money; they came from all sectors of the state, including a historic leap in remittances from Egyptians abroad,” the Prime Minister said.
He highlighted that remittances alone exceeded $3.6 billion in a single month, reflecting the confidence of Egyptians abroad in the stability of the national economy. “Let me remind you that when we had a problem and instability in the exchange rate, remittances from Egyptians abroad were at their lowest. Today, this number reflects the trust of the Egyptian citizens abroad,” Madbouly added.
The Prime Minister further noted that Egypt’s foreign currency reserves now stand at $49 billion, while the annual inflation rate has fallen to 13.1 percent from 14.4 percent the previous month, signalling a steady improvement in economic performance.
Madbouly also pointed out that the merchandise trade deficit decreased by 25 percent, reaching $11 billion over the five-month period from January to May.
He stressed that this reduction was achieved through growth in exports rather than a curtailment of imports.
“As experts always say, rely on sustainable resources, which are represented by an increase in exports, manufacturing rates, and remittances from Egyptians abroad,” he said, highlighting the broader economic strategy.
The Prime Minister noted that while Suez Canal revenues were affected by exceptional geopolitical circumstances, all other sectors contributing to sustainable resources are experiencing unprecedented growth, underscoring the positive trajectory of Egypt’s economy.
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