Egypt’s foreign exchange reserves cover this period of imports

The Egyptian Ministry of Planning and Economic Development, Hala Al-Saeed, revealed that there is a strategic stock of goods available and a volume of cash reserves covering around 8 months of imports.

The minister said the general price level was stable, noting that inflation rates had fallen to 4.9% on an annual basis.

She explained that despite the global repercussions resulting from the Corona virus and many countries around the world have achieved a contraction in light of this crisis, the Egyptian economy has been able to achieve positive growth rates.

The Egyptian economy has maintained a positive growth rate in the second quarter of the current fiscal year 2020/2021, reaching 2%, from October to December 2020.

While the average growth rate of the Egyptian economy during the first half of the current fiscal year was around 1.35% during the period from July to December last year, compared to around 5.6% during from the same period of the previous fiscal year.

Tourism begins to recover

The Egyptian minister revealed that sectors such as health, education, telecommunications and information technology, agriculture, construction and construction, and the wholesale and retail sector have achieved a increase in their rates, noting that even sectors that have experienced a contraction like the tourism sector have started to recover as their rates are better than the first quarter of the current fiscal year due to the spinning of the wheel production and encouragement of domestic tourism.

She indicated that most sectors in all countries of the world have been affected by the emerging Corona virus pandemic, and that there are growth losses in the global economy, and world trade has declined by 9 %, in addition to losses from international tourism, which the World Tourism Organization estimated at around $ 935 billion, which is ten times the losses at the time of the global financial crisis in 2009.

Egyptian economy

She explained that the Egyptian government, in light of the current crisis, was keen to strike a balance between preserving the health of citizens and the spinning of the wheel of economic activity, which had clear implications and good on growth and employment rates.

A few days ago, the Central Bank of Egypt announced an increase in the foreign exchange monetary reserve last February of around $ 100 million. As the monetary reserve reached around 40.2 trillion dollars against 40.1 trillion dollars in the month of January.