IMF confirms Egypt's economy has no weak point
Egypt, Economics, 8/22/2001

The Egyptian ministerial economic group met Tuesday under Prime Minister Atef Ebeid to follow up the conditions of the exchange rate market after the application of the new system.

Reports reflect stability in the foreign exchange rate market.

Atef Ebeid, during a visit Tuesday to the National Bank of Egypt, said that foreign currency is available and no request will be turned down.

Ebeid said that information available to the government on a daily basis show that the new exchange rate system scores success after success.

Atef Ebeid said the overall picture of Egyptian economy calls for optimism and encourages movement to modernize the country and attract more investments and widen the base of producers at the level of all governorates.

Ebeid pointed to the recent evaluation made by the International Monetary Fund (IMF) which indicated that Egypt's economy had no weak points, on the contrary, it got more strength day after another.

On his part, chairman of the NBE Ahmed Diaa-Eddin explained the bank's activities that cover all walks of life with LE. 3 million capitals invested in 206 projects.

The bank also offered loans worth LE 1.5 billion to youths.

On the other hand, governor of the Central Bank of Egypt, Ismail Hassan, yesterday also gave strict orders to all banks to be prepared to provide dollars for customers at any time and without any restrictions, as part of the state's new regulations to help achieve market stability.

"Banks are not allowed to ask dollar buyers for identity or about their reasons for wanting the dollars," Hassan said.

He pointed out that any banker who does not follow these new regulations runs the risk of being sacked.

Branches of local banks must also clearly advertise the fact that they have dollars for sale on their premises, added Hassan.

Previous Stories:
  IMF praises governments recent measures for foreign exchange   (8/21/2001)
  Egyptian economy has strong bases   (8/21/2001)
  Egyptian-Saudi free trade zone   (8/21/2001)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search