Egypt’s Economic Momentum Reflected in Currency Stability, Says Cabinet Spokesman

Mohamed El-Homsany, spokesperson for Egypt’s Cabinet, has affirmed that the recent appreciation of the Egyptian pound against the U.S. dollar and the stability in exchange rates are clear signs of real economic activity, not the result of short-term capital inflows or speculative investments.

Speaking during a special interview on the “Baheb El-Ida'a” radio program with broadcaster Shafki El-Mouniri on “Nagham FM,” El-Homsany said the country's macroeconomic indicators are improving steadily. He pointed to a drop in inflation from 14% to 13% in July, a more than 22% increase in exports, and notable improvements in both tourism revenues and remittances from Egyptians abroad.

During the weekly press conference led by Prime Minister Mostafa Madbouly, several major files were discussed on both the domestic and international fronts.

The political and diplomatic segment of the conference reviewed the outcomes of a recent summit between President Abdel Fattah El-Sisi and Ugandan President Yoweri Museveni. President Sisi reaffirmed Egypt’s historical rights to Nile waters, while also emphasizing support for development projects in Nile Basin countries, provided they do not infringe on Egypt’s national interests.

The conference also covered Prime Minister Madbouly's meeting with Sudanese Prime Minister Dr. Kamal El-Tayeb Idris, which focused on expanding electrical grid interconnection projects and enhancing cooperation in trade, education, tourism, and antiquities.

In addition, Madbouly’s visit to Jordan and his meeting with King Abdullah II were addressed, during which the two leaders discussed bilateral cooperation in energy, transportation, and industrial integration, as well as the situation of Egyptian labor in Jordan and the signing of new bilateral agreements.

On the domestic front, El-Homsany reassured the public regarding the controversial amendments to the old rent law. He explained that the Cabinet has approved a draft resolution to regulate landlord-tenant relationships, particularly in non-residential leases. The reforms include the establishment of committees to survey such properties and determine minimum rent levels. An online platform and post office network have been launched to receive applications from affected tenants seeking alternative housing, with units to be allocated based on clear eligibility criteria within three months.

The press conference also touched on major urban development projects, including the renovation of Downtown Cairo, the Fustat Gardens, set for completion by September 30, and the Azbakeya Wall and Park restoration.

Addressing concerns circulating on social media, El-Homsany stressed that historical assets are not being sold, but rather will be leveraged through partnerships with the private sector to maximize public benefit.

Finally, the Cabinet discussed progress on a comprehensive plan to overhaul Egypt’s media landscape, with the strategy soon to be presented to President Sisi. The initiative follows the President’s recent meeting with the heads of Egypt’s key media regulatory bodies.