Egypt’s Foreign Exchange increases despite Suez Canal income drop

Egypt aims to attract one of the largest companies to produce electric cars locally, according to Prime Minister Mostafa Madbouly.

He said Wednesday at a press conference that there is communication with several international companies on the electric car sector.

A draft law is being prepared on gold trading and investment and on mechanisms for Egypt to become a hub for this industry, Prime Minister Mostafa Madbouly said Wednesday after a cabinet meeting.

He continued, during a press conference at the Cabinet headquarters, that efforts will be made to establish an entity responsible for this important industry.

Egypt's sustainable foreign exchange resources are growing strongly, with the exception of the Suez Canal, Prime Minister Mostafa Madbouly said Wednesday.

Suez Canal revenues have been affected by tension in the Red Sea in the past two years. 

In his weekly press conference, he added that Egypt's foreign exchange increase is not driven by hot money, but rather by growth in real economic revenues.