Dr. Karim Adel, head of the ‘Al-Adl’ Center for Economic and Strategic Studies, confirmed that the growth of foreign investment flows boosts confidence in the Egyptian pound. He pointed out that reports indicating the resilience of the Egyptian economy against global challenges are important for global marketing of the Egyptian economy and contribute to attracting more direct and indirect investments. Dr. Adel added during his guest appearance on Extra News channel that caution is necessary regarding these reports because they all depend on the continuation of indirect foreign flows, remittances from Egyptians abroad, and investment commitments from Gulf countries, which represent a potential will and not an actual or realized will to build upon.

He also noted that it is positive that the report highlighted the growth of the tourism and export sectors, but this is also dependent on current factors such as the depreciation of the local currency against other currencies, explaining that the depreciation gives more ability to generate revenues from these sectors.