Dear followers everywhere, welcome to a new analysis of the most important economic events presented by the Banker Research Unit around the clock today, Monday, December 2, on our various electronic platforms.
Today, Banker platforms presented a number of important reports on economic and financial matters around the clock.
Starting with an important report on the strength of the Egyptian pound
The report spoke about the fears that Egyptians have regarding the exchange rate and said that the state, with its experience and all its financial and supervisory bodies, has absorbed the lessons of the past very well, and the message is clear from the government: there is no room for a large float or the crazy rises that we saw in the past in the price of the dollar, and there is also no other black market and no multiplication of the labor price. For foreign currencies, the price will be uniform in approved banks and exchange companies
The report highlighted the statements of Dr. Mostafa Madbouly, Prime Minister, in which he said clearly, “We will not repeat the mistakes of the past. Egypt is walking with a flexible exchange rate policy that gives the market freedom and at the same time maintains stability.”
Banker also drew attention to the statements of Counselor Muhammad Al-Homsani, spokesman for the Council of Ministers, in which he said that there is no need to be afraid.. The pound is in a strong and controlled position and we will not see the second of the huge rises that we saw before.
The official spokesman for the Council of Ministers also categorically denied everything that was said about the dollar rising in large proportions or leaps as happened before, and said that all of this is just speculation and rumours.. and the government is committed to maintaining market stability, and what actually happened is that we eliminated the parallel market and unified the exchange rate.
The report concluded that the government has learned from its mistakes, the future is built on strong stability, and the pound today is not only a symbol of the economy, but also a message of confidence to all Egyptians.
Banker platforms presented a special report today regarding the dollar file and the expected breakthrough in the price of the American currency..
The report explained that the latest official data revealed very positive news… which is that Egypt’s exports of raw materials increased by 8% in the first 8 months of 2024… and this translates into an increase in revenues of about 1.135 billion dollars compared to the same period last year… and it arrived Total exports of raw materials amounted to 3.4 billion dollars, and this is a very important number when we come to talk about the situation of foreign currency in the Egyptian market.
Banker also explained that the increase does not stop at raw materials only… General figures say that Egypt’s total exports, including finished goods and fuel, increased by a very good percentage and reached $29.8 billion in the first 8 months of 2024, compared to $28.8 billion the previous year. She missed.
Banker explained the importance of these numbers and said that they reflect an improvement in the competitiveness of Egyptian products in the global market. When exports increase, this means that the demand for these products outside Egypt is high and this translates into more foreign currency revenues, which is one of the most important challenges that we face now.
The report pointed out that increasing exports solves the crisis of foreign currency shortages. The increase in exports means the entry of more hard currency into the Egyptian market, which reduces pressure on the Egyptian pound and helps the government meet its needs for essential imports such as strategic goods and energy. However, exports provide new job opportunities. When exporting increases local industries, they operate more, which creates new jobs and contributes to improving the standard of living of Egyptian citizens.
Banker explained that this increase is a positive step, but it is not the end. We still need to work more on improving the quality of Egyptian products, reducing production costs, and also opening new markets for our exports.
The Banker Research Unit presented a different report today about the new increase for pension and insurance holders
The report highlighted today’s statements by Major General Gamal Awad, Chairman of the Board of Directors of the National Social Insurance Authority, in which he announced raising the minimum insurance subscription wage to 2,300 pounds instead of 2,000, and the maximum to 14,500 pounds instead of 12,600 thousand pounds, and it will be implemented from the first of January. Jay.
The report pointed out Major General Gamal Awad’s confirmation that the new increase will raise the minimum pension to 1,495 pounds instead of 1,300 pounds, and the maximum pension will rise with it to 11,600 pounds instead of 10,080 pounds. This is for insured workers whose service will end at the beginning of next year.
Banker explained that any increase in citizens’ incomes means their ability to confront price inflation and improve the standard of living.
The latest report presented by the Banker Research Unit today was regarding a project that will change Egypt’s tourism map
Banker explained that the Egyptian government is currently working with all its might to harness all efforts to develop and increase the tourism movement that comes to Egypt from abroad, especially since Egypt is facing a crisis in the decline in dollar revenues that enter the Egyptian state treasury from the Suez Canal, which have declined by more than 60% due to the events. What happens in maritime traffic in the Red Sea and what affects ship traffic in the canal.
The report said that Egypt currently has a plan to advance the tourism sector and aims to attract 30 million tourists and achieve $30 billion in revenues from the sector in the year 2028. It will also increase the number of hotel rooms to 500 thousand hotel rooms in 2030 to accommodate the large movement that is expected to occur in Egypt. With the archaeological openings, the most important of which is the Grand Egyptian Museum, this is in addition to the new tourism projects that Egypt signed with foreign partners, such as Ras al-Hikma and other new sites that It will enter the tourism investment map in the coming days.
The report highlighted the statements of Dr. Mostafa Madbouly, in which he said that Egypt is currently preparing for a global proposal to plan the area surrounding the pyramids and the Grand Egyptian Museum and up to the Sphinx Airport in the north and the Dahshur area in the south. They actually held a series of meetings and meetings to reach the final form of the proposal, and this is in order to maintain interest. In the area of the pyramids and the Grand Egyptian Museum, which the state is about to open in the coming period, this is due to the interest and development of tourism services in the neighboring areas. For the pyramids and the Grand Egyptian Museum.
