Egypt’s GDP growth hits 6.6% last year

The size of Egypt’s economy expanded by 6.6 per cent in the previous fiscal year 2021/2022 compared to a growth rate of 3.3% in the year prior, Prime Minister Moustafa Madbouli said on Thursday.

Madbouli made the remarks during a press conference on Thursday at the Cabinet’s headquarters in New Alamein City, according to the state news agency.

The last quarter of the past fiscal year was really difficult due to the Russia-Ukraine war and its effect on development rates, the premier said, noting that Egypt’s projected growth rate for the end of the fiscal year had been estimated at 6.2 percent.

Madbouli added that the unemployment rate in the country stabilised at 7.2 percent, which he described as an “encouraging figure”.

The real challenge for the State is the global phenomenon of high inflation rates, he said, revealing that inflation has hit 14.6 percent in Egypt.

Egypt’s central bank cancels maximum cash deposit limit in banks:  The Central Bank of Egypt (CBE) cancelled on Thursday the maximum limit of cash deposits for both individuals and companies either at bank branches or through ATMs, the Middle East News Agency reported.

During the COVID-19 crisis, the bank set a maximum limit of cash deposits as part of measures to face its global economic impact, the state agency added.

“The cancellation comes in light of the declining coronavirus infections and as part of efforts to make it easy for citizens and companies to deposit money,” the apex bank said in a statement.

Also, the bank decided to increase the maximum limit of cash withdrawals in banks from EGP50,000 to EGP150,000, but kept the maximum cash withdrawal limit through ATMs to intact at EGP20,000.

WAM