Egypt targets $83 billion in foreign currencies for FY 2023/24

The minister detailed four methods to achieve this objective, which include remittances, non-oil merchandise exports, foreign direct investments (FDIs), and revenue generated by the Suez Canal.

Around $31 billion of the target is projected to come from remittances sent by Egyptian expatriates.

The Central Bank of Egypt (CBE) reported a 23 percent decrease in remittances, in H1 of 2022/23 recording $12 billion compared to the previous year.

The government's objective is to secure roughly $11 billion in FDIs, with FDIs totaling approximately $5.7 billion in H1 of 2022/23, according to data.

The Suez Canal's revenue

The minister stated that revenue from the Suez Canal is expected to provide $9 billion towards the target.

Egypt's transport receipts increased to $6.8 billion from about $4.7 billion in the same period of the previous FY, with Suez Canal transit fees rising by 17.8 percent YoY to roughly $4 billion from July to December 2022.