During the last period, Egypt has suffered from a shortage of dollars, but the government has denied it
Common
Shortage of dollars in Egypt
the truth
The Council of Ministers affirmed Egypt’s adoption of a flexible exchange rate policy, more appropriate in the case of economies open to the outside which adopt an independent monetary policy.
This policy helps to increase exports and decrease imports.
The Central Bank continuously injects dollar liquidity to free up the goods accumulated in the ports.
The Central Bank gives priority to basic goods and production components in order not to stop the production process.
A working group was formed by (Central Bank/Ministry of Finance) to determine the dollar gap for fiscal year 2022-2023 and to develop different scenarios on how to close the dollar gap in the budget for fiscal year 2022 /2023.
The working group is working on issuing a series of directives for a number of ministries with the aim of rationalizing dollar spending
The government adopts a structural reform package under the National Economic and Social Reform Programme. To address the expected impact of exchange rate flexibility on goods and services, which would reduce price levels and create more job opportunities.
These packages included (6 reform axes, 32 policies and objectives and 88 priority structural, procedural and legislative reforms out of a total of 310 reform measures).
