Egypt’s ambassador to Riyadh Nasser Al-Hamdi launched an initiative to transfer EGP 90m monthly from Egyptians abroad to their own accounts in Egypt, which will provide the country with foreign currency to contribute to the economic reform programme.
The Egyptian economy relies on remittances from Egyptians aboard as one of the sources that contribute to its growth, and provides with foreign currencies.
The ambassador announced the initiative during a celebration in attendance of Egyptian citizens in Saudi Arabia to commemorate the sixth anniversary of 25 January Revolution in Riyadh. The initiative aims to help solve the foreign currency shortage in Egypt that was a result of several economic problems in the country.
Al-Hamdi asserted that Egypt is currently witnessing a number of serious community dialogues taking place between the sons of the nation and its leaders, citing the periodic National Youth Conference, the latest of which was held in Aswan last week in the presence of President Abdel Fattah Al-Sisi.
He also reviewed with the Egyptian community the country’s efforts to achieve the objectives of the revolution.
Egypt’s economy was severely impacted following the revolution in 2011, as foreign investors either halted their work in Egypt or decreased their investments, leading to a foreign currency shortage. A decline in production also occurred, increasing imports and decreasing exports. Moreover, Egypt’s US dollar resources also dropped after tourism took a hit following the Russian aeroplane crash in October 2015, as many countries suspended direct flights to Egypt.
Since the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound and the foreign currency shortage, many companies have struggled to import certain types of medicines and certain materials, which had led to a shortage of many imported and locally produced medication.