The Ministry of Finance clarified that it always relies on the average exchange rate during the period from January to March of each year.
Egypt's economy shows promising signs of growth despite recent rumors - File Photo
Egypt's Ministry of Finance has denied reports circulating on social media and some news websites that it estimated the average dollar exchange rate to be EGP 35 in the state's general budget for the upcoming fiscal year 2023/2024. The Cabinet's media center contacted the Ministry of Finance, which confirmed that these reports are unfounded.
The Ministry of Finance clarified that it always relies on the average exchange rate during the period from January to March of each year when preparing the state's general budget.
This has already been done for the upcoming fiscal year 2023/2024. The Ministry noted that it uses the pound's exchange rate against the dollar to estimate the financial needs necessary to support fuel, commodities, service foreign debt, purchase goods and services, estimate investments, and other financial requirements.
This clarification comes after various social media platforms and news websites reported that the ministry was estimating the average dollar exchange rate to be EGP 35, leading to widespread speculation in the financial community. However, the Ministry of Finance's statement has laid these rumors to rest.
Despite the recent speculation, the Egyptian economy has shown promising signs of growth in recent years.
The country has made significant strides in its economic reform program, with the International Monetary Fund acknowledging that Egypt has achieved notable progress in restoring macroeconomic stability and promoting inclusive growth. The country's favorable demographics, competitive labor costs, and strategic location also make it an attractive destination for foreign investment.
