Egypt's foreign currency reserves recorded a historic jump, reaching $55.072 billion by the end of last June.
The announcement of this unprecedented record level was made by the Egyptian Prime Minister, Dr. Mostafa Madbouly, based on the latest data issued by the Central Bank of Egypt, during the government’s weekly press conference held on Wednesday.
The Egyptian Prime Minister explained that foreign currency reserves witnessed remarkable growth and a strong boost of about two billion dollars in just one month, stressing that this record rise reflects the continued tangible improvement in the indicators of the Egyptian economy as a whole, and directly enhances the state’s ability to support its financial and monetary stability, and secure its hard currency reserves to meet future economic obligations and challenges.
The Prime Minister explained that foreign exchange reserves increased by about two billion dollars in one month, exceeding the 55 billion dollar mark, considering that this achievement reflects the strength of the Egyptian economy and the continued improvement of its indicators, despite regional and international challenges, while pointing out that inflation rates continue their downward path.
In the energy sector, Madbouly stressed that the Dabaa nuclear power plant represents one of the largest strategic projects in Egypt, and the first reactor is expected to start operating and producing electricity by the end of 2028, with the four reactors to be fully operational by 2030.
He added that the station will provide a production capacity of 4.8 gigawatts of electricity, and will contribute to diversifying energy sources and enhancing the country’s energy security, as well as reducing the fuel import bill. He explained that feasibility studies indicate the possibility of recovering the project’s cost in less than 12 years, and that nuclear energy provides a stable source of electricity around the clock, which supports economic and industrial development plans in Egypt.
