CAIRO, March 6 (MENA) - Cabinet Spokesman Mohamed el Homosany on Thursday said that the adoption of a flexible exchange rate system in 2024 has achieved stability in the foreign exchange market and monetary policies and helped in ending the parallel market.

He said flexible exchange has contributed to achieving stability, enhancing the macroeconomic indicators and boosting hard currency resources coupled with the increase in remittances from Egyptians abroad.

"There are other resources that we rely on to achieve these goals, including increasing exports, tourism revenues, and the communications and information technology industry," the spokesman said, in statements to Extra News satellite channel on Thursday.

The spokesman added that reforms undertaken by the government aim to support the role of the private sector through the implementation of State's Ownership Policy Document and providing incentives, including reducing burdens by unifying fees, dealings and following the industrial policy strategy.

The Suez Canal Economic Zone (SCZONE) is promising and provides all the investment capabilities, advantages and incentives for investors, the spokesman said, adding that the prime minister witnessed last week the opening of 11 factories in the zone with total investments of 544 million dollars, securing 10,000 job opportunities. (MENA)
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