Govt committed to flexible exchange rate

Middle East

a day ago

CAIRO, June 4 (MENA) - Prime Minister Mostafa Madbouli's reiterated on Wednesday his government's full coordination with the Central Bank of Egypt (CBE) on the country's monetary policy and exchange rate.
Speaking to "Baheb Izaa'a" radio program, cabinet spokesman Mohamed el Homsani said the prime minister stressed during the latest press conference that monetary policy remains the exclusive mandate of the CBE and that the government supports a flexible exchange rate.
He praised the sound management of the monetary file, citing improved currency stability and the disappearance of the parallel market since March 2024, following a series of professional reform measures by the central bank.
About Egypt's industrial strategy, the spokesman said Madbouli reviewed the Public Works Ministry's efforts to overhaul the textile and spinning factories in El Mahalla El-Kubra city, saying the State is investing around EGP 60 billion to develop this important sector with the aim of engaging the private sector in managing and operating these factories in a bid to maximize profits.
He said the State is attaching importance to localizing electric vehicle (EV) production and is adopting a comprehensive strategy that involves replacing old vehicles with new ones and offering enhanced incentives to both domestic and foreign investors.
He noted that EV development has become a national priority due to its environmental benefits.
He added that the government has made tangible progress in boosting local automotive output for both domestic consumption and exports. Customs clearance duration was significantly reduced from one week to four days and is to reach two days by September, easing costs for importers and lowering consumer prices.
About the social housing file, the spokesperson said the government covers nearly 60% of the cost of each social housing unit offered to low-income citizens, a kind of financial support that cannot be afforded by the private sector.
He highlighted Madbouli's directives to all governors to intensify preparations for Eidul Adha to ensure the availability of essential goods. (MENA)
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