The exit of hot money was one of the most important reasons for the scarcity of foreign exchange during periods of tension. The most harmful exit of these funds to the exchange market in Egypt was what took place after the Russian war on Ukraine.
But nearly two years after the minister’s statements, specifically on March 6, 2024, Egypt took decisions related to raising the interest rate and reducing the value of the pound. This made it highly likely that hot money would return to Egypt, as these funds are betting on these two things for their presence in any market.