Ebeid: Gov't sells its dollar revenues to banks
Egypt, Economics, 3/15/2003

The government put into effect decision to sell dollar revenues to the banks. The revenues of the Suez Canal and oil sales will be sold starting Monday to the banks operating in Egypt.

The decision aims at increasing the supply of dollars to meet the demand on the Egyptian markets by importers.

Prime Minister Atef Ebeid said that the government has already concluded an emergency plan to procure balance between supply and demand on the exchange market.

Ebeid added that our needs of dollars do not exceed $ 12 billion whereas revenues amount to $ 14 billion.

He said that the emergency plan focuses mainly on spreading the atmosphere of confidence for dealers in foreign currencies.

"The government will implement a number of decisions to increase the dollars supply," he highlighted.

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