The Egyptian state has been taking diligent measures to enhance foreign exchange sources, despite the challenges resulting from global crises, by implementing effective policies to stimulate foreign exchange sources from vital sectors, as they are a basic pillar of the national economy, as well as adopting more flexible strategic plans to improve the business environment. Attracting foreign direct investments, in addition to providing incentives to support exports and open new markets, which in turn reflects on the confidence of international institutions in the Egyptian economy, and pushes towards achieving Egypt’s Vision 2030 towards sustainable and comprehensive development.
In this regard, the Cabinet Media Center published a report that included infographics highlighting that net international reserves have exceeded pre-crisis levels thanks to the recovery of foreign exchange sources.
The report reviewed the development of net international reserves compared to before the outbreak of global crises, as they recorded $46.95 billion in November 2024, compared to $35.17 billion in November 2023, $33.53 billion in November 2022, $40.91 billion in November 2021, and 39. $22 billion in November 2020, and $45.35 billion in November 2019.
The report also indicated an improvement in foreign exchange sources, as net foreign direct investment increased about 6-fold, recording $46.1 billion in 2023/2024 (preliminary statement), compared to $8.2 billion in 2018/2019, in addition to an increase in exports by 39%, to reach To $41.7 billion in 2023/2024, compared to $30 billion in 2018/2019.
In addition to the above, the increase in Suez Canal revenues reached 24.1%, recording $7.2 billion in 2023/2024, compared to $5.8 billion in 2018/2019. Tourism revenues also increased by 14.3%, reaching $14.4 billion in 2023/2023. 2024 (initial statement), compared to $12.6 billion in 2018/ 2019, in addition to an increase in remittances from Egyptians working abroad by 5.1%, reaching $20.8 billion in the period from January to September 2024, compared to $19.8 billion in the period from January to September 2019.
The report highlighted the vision of international institutions, as the International Monetary Fund confirmed that improving economic conditions and solving the problem of foreign exchange shortages contributed to having a positive impact on investor confidence and raising the morale of the private sector.
As for Fitch, it expected an increase in the rate of economic growth in Egypt during the years 2025 and 2026, thanks to the return of confidence in the economy and the increase in remittances from workers abroad and foreign direct investments.
