Egypt’s foreign exchange reserves surpass $50 billion
The Executive Chairman of the Egyptian Exchange (EGX), Omar Radwan, affirmed that the Egyptian stock market acts as a mirror to the country’s economy. He noted that proactive measures taken by the Egyptian government at the onset of the region’s geopolitical crisis since March enabled the Central Bank to play its role effectively, introducing strong … The post Egypt’s foreign exchange reserves…
Egypt's Executive Chairman of the Egyptian Exchange, Omar Radwan, revealed that the country's foreign exchange reserves have surpassed the $50 billion mark. During a conversation on Al-Qahera News' "Men Masr" program, Radwan highlighted the Egyptian government's proactive actions in response to the geopolitical crisis in the region since March.
These measures led the Central Bank to effectively manage the country's foreign exchange rate flexibility, successfully absorbing all economic shocks. This approach has restored investor confidence among both local and foreign investors, according to Radwan. He pointed out that, prior to these developments, Egypt's daily trading volumes on the EGX stock market were around LE 500 million.
However, within a span of five to six years, these volumes surged to two billion LE the following year, five billion LE in the subsequent year, and now reach an impressive LE 10 billion in the first half of the current year. Additionally, Radwan noted a recent increase in trading volumes to LE 15 billion, which climbed to LE 18 billion on Tuesday and LE 16 billion on Wednesday.
He described these as unprecedented days in the Egyptian market's history. Radwan also emphasized that while global and domestic gold price increases might impact the EGX and other stock markets, investors have various instruments to choose from. He stressed the importance of maintaining a diversified portfolio across different financial assets, including equities, to represent a broad spectrum of economic sectors.
Written by urgent.news from Egypt Independent's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
