The L/C policy, which required importers to issue letters of credit to access foreign currency, was implemented after Egypt saw around $25 billion in outflows exit the country in under one month
The Egyptian state is eager to create a clear document to regulate its relationship with the private sector and guarantee competitive neutrality, explained the PM
Egypt has passed five economic crises that can bring any country down and achieved economic growth of 9% during the first half of 2021/2022, the PM stated
Regarding the recent decline of the EGP, the PM stated that the exchange rate is not related to the strength of the economy
Egypt’s net foreign assets fell by EGP 18.06 billion ($925 million) in August, revealed newly released CBE data
