President Abdel Fattah Al-Sisi acknowledged Egypt’s persistent struggle with the US dollar on Wednesday, attributing it to a structural imbalance between dollar-denominated expenses and Egyptian pound earnings. 

Addressing a ceremony marking Police Day, he vowed to tackle the crisis but stressed the need for national solidarity.

"The dollar is always a problem for Egypt every few years,” Al-Sisi admitted. “I provide services and sell them to people in Egyptian pounds, but I get them in dollars.” He cited the billion-dollar monthly costs of essential imports, fuel, and power plant gas, highlighting the strain on Egypt’s foreign currency reserves.

“Egypt needs $1bn per month for basic food imports,” Al-Sisi indicated.

The president lamented the economic repercussions of past events, noting a $450bn loss between 2011 and 2013 and an EGP 120bn Egyptian expense in combating terrorism. 

He expressed empathy for citizens enduring hardships, acknowledging the complexity of international and regional factors compounding Egypt’s economic woes.

However, Al-Sisi emphasized optimism, stating, “The current crisis has solutions, but they depend on all of us.” He emphasized the need to bridge the gap between dollar revenues and expenditures, stressing, “If our dollar resources do not equal our spending in Egypt, the dollar problem will remain."