Mostafa Madbouly: Forex Reserves Reach $56.3B by July
The weekly meeting of the Egyptian government discussed ongoing regional tensions and their impact on the global economic situation, with a focus on concerns over instability in the Gulf region and its effects on oil markets and supply chains. The Prime Minister emphasized that Egypt is closely monitoring the developments and is seeking to contain the tensions through peaceful means and coordination with international parties. The meeting also addressed the state of food security, ensuring sufficient reserves to last up to a year. Additionally, he highlighted that foreign exchange reserves have increased to $56.3 billion by the end of July 2026. Protocols have been signed to strengthen economic and tourism development and to upgrade the smart transportation system. Furthermore, policies are being developed to enhance pharmaceutical security, support the local market, and ensure reliable supplies.
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