Egypt’s dollar resources hit record high of $8.5 billion

In a statement during a press conference held on Wednesday, the Prime Minister said, “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.”

He noted that this reflects the trust of Egyptians in their 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, when remittances from Egyptians abroad reach more than $3.6 billion in a single month, this number reflects the confidence of the Egyptian citizens abroad in the stability and strength of the Egyptian economy,” he explained.

He clarified, “Consequently, our total resources from exports, tourism, industry, and all services, in addition to remittances from Egyptians abroad, reached $8.5 billion. This is the highest rate of dollar resources we have ever recorded in the history of Egypt in one month.”