Egypt’s Dollar Resources and the Government’s Intervention: Stabilizing Commodity Prices and Alleviating Economic Crisis

Informed banking sources told Al-Youm Al-Sabea that President Abdel-Fattah El-Sisi’s statements, today, Wednesday, that the government intervened in the exchange rate to stabilize the price of the dollar, confirms the president’s bias towards the Egyptian citizen to work to alleviate the burdens of the current global economic crisis, which affected all countries of the world, explaining This measure works to stabilize commodity prices during the coming period.

The sources confirmed that Egypt’s dollar resources are expected to increase during the current year, most notably Egyptian exports abroad and the revenues of the Suez Canal, which are expected to reach $8.8 billion in 2023, in addition to the revenues of the tourism sector.

The sources also indicated that Egypt imports an average of $7.5 billion per month in goods and products from abroad, with an annual total estimated at more than $90 billion, explaining that the current average foreign exchange reserves of $34.6 billion covers about more than 4 months of imports. Commodities to Egypt, which is higher than the global average of about 3 months of merchandise imports to Egypt, which secures Egypt’s needs of basic and strategic commodities.