Egypt eliminated dollar black market, boosted exchange rate flexibility: PM

CAIRO – 7 February 2026: Prime Minister Mostafa Madbouly stressed that Egypt has eliminated the dollar black market, strengthened exchange rate flexibility, reduced inflation and interest rates, and increased economic growth rates.

During a press conference on Saturday, Madbouly said the government has made tangible progress in economic and structural reform and delivered many economy-related commitments.

Madbouly highlighted efforts to reinforce macroeconomic stability following successive monetary and fiscal policy reforms.

He noted that economic growth has improved alongside a structural shift in growth drivers, making the economy more reliant on industry, communications and information technology, exports, tourism, and other productive sectors.

The prime minister made the remarks as he attended the launch of the Egypt Startup Charter, aimed at strengthening Egypt’s entrepreneurship ecosystem and making it more adaptable to global changes.

 

The charter introduces a unified financing initiative designed to coordinate government funding resources and mobilize up to $1 billion over five years.

The initiative seeks to support up to 5,000 startups, help generate around 500,000 direct and indirect jobs, and enable expansion into international markets.

It also aims at developing local talent to curb brain drain, encouraging venture capital, attracting startup investments, and linking pressing national challenges to innovative private-sector solutions.

“The Egypt Startup Charter unequivocally demonstrates that the Egyptian state is firmly committed to moving forward with economic reform, developing various sectors, and empowering the private sector,” Madbouly said.

He added that the charter provides innovators and entrepreneurs with opportunities to drive economic growth and deploy innovative solutions to address economic challenges.

This enhances Egypt’s competitiveness and accelerating the transition toward a knowledge-based economy, particularly amid rapid global changes and technological transformation, Madbouly added.