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Tuesday, 29 August 2017

El Garhy on strengthening EGP, Tourism minister claims spending by tourists has exceeded 2010 levels

El Garhy on strengthening EGP: A lower customs exchange rate is a natural reflection of the strengthening EGP, the stability of the market, and the gradual increase in FCY liquidity in the banking system, Finance Minister Amr El Garhy told OnLive’s Markets and Business. El Garhy stressed that current FX rates are not controlled by the government and reflect how both the economy and the political arena are faring. The minister also said the economy is finally beginning to pick up and pointed to key indicators such as the reduced budget deficit as reasons to be optimistic (watch, runtime 7:33).

Greenback at EGP 16.50 by mid-2018? Hona Al Asema’s Lama Gebril was also on the new customs rate, speaking to CI Capital Economic Analyst Noaman Khaled, who also noted that the banking sector now has greater USD liquidity. He attributed the 11% rise in the value of the EGP against the USD since March to internal factors including banks’ increased ability to meet LC demands. Khaled said he expects the greenback to be changing hands at EGP 16.50 by mid-2018 (watch, runtime 5:45).

Tourists in Egypt are really spending more today than in 2010? Over on Masaa DMC, Tourism Minister Yehia Rashed told host Eman El Hosary that the average rate of tourists’ expenditures has surpassed pre-2010 levels, saying that the type of tourists Egypt attracts now tend to spend more. That last bit is an assertion our friends in the industry would challenge, and we ourselves wonder whether the “surpass pre-2010 levels” is in EGP or USD terms. Without missing a beat, the minister noted that the influx of Arab tourists has seen a significant increase over the past several months. Rashed also said his ministry is working on ensuring online commentary about visiting Egypt — whether from bloggers or on travel advice websites — is as positive as possible (watch, runtime 8:10). PR pro tip: Telling non-Egyptians what to write about Egypt typically doesn’t end well.

Meanwhile, Yahduth fi Misr’s Sherif Amer covered the Social Solidarity Ministry’s announcement that pensions will be available via ATMs as of the first day of Eid.

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