Boosting resources of foreign currencies tops government's priorities
Egypt, Economics, 8/24/2001

Egyptian Prime Minister Atef Ebeid said increasing the country's resources of foreign currencies leads the government's priorities.

Ebeid yesterday said that the government considers the banking system a partner to increase financial resources and foreign currency to activate the wheel of investment and economic performance and provide new job opportunities.

Ebeid who made a visit to the Abu-Dhabi National Bank in Cairo, said the visit reflects the close relationship between Egypt and the United Arab Emirates the foundations of which were laid by President Hosni Mubarak and Sheikh Zayed Ben Sultan, Head of the United Arab Emirates, for the stability and welfare of the two peoples.

Ebeid who has been visiting various banks, said that all banks declared that foreign currency was available to meet all demands.

"The government provides all facilities to exporters and banks provide financial facilities to finance exports in addition to facilities to develop and improve production to make it more capable of facing competition," Atef Ebeid said.

He said that there was need to develop Egyptian industry and added value after the signing of the Egyptian European partnership agreement.

Ebeid said that there were several fields for investment in Egypt, foremost among which are information technology and communications, petrochemicals and natural gas in which the banking system can make an-effective contribution.

On the other hand, the ministerial economic group met under Ebeid and reviewed indicators of the foreign currency exchange market which showed that the market was stable following the application of the new exchange rate system.

In a related development, the banks started the application of the recent measures taken by the Central Bank of Egypt.

Customers welcomed the new facilities as there is no need to show their passports on travel ticket or give any personal data to the banks' employees.

An official at the National Bank of Egypt said all credit lines were opened immediately for importers and businessmen.

He added that the foreign currencies are available and they are ready to meet the customers' needs at any quantities to the extent that someone asked to buy half a million dollars and the bank sold him the quantity.

Previous Stories:
  Better hurry selling loss-making state owned companies   (8/22/2001)
  More investments needed to provide more jobs   (8/22/2001)
  IMF confirms Egypt's economy has no weak point   (8/22/2001)

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

Search