Al Ahram: CBE Governor: $ 2.7 billion of foreign currency since liberalizing the exchange rate
Egypt, Economics, 7/26/2003

In an exclusive interview with the Central Bank of Egypt Governor (CBE) Mahmoud Abul Enein, Al Ahram discusses the top economic issues that occupy the concern of the Egyptian Public Opinion. Here are some excerpts:

Al Ahram: Can you give us an idea on the technical process of developing the banking system in Egypt?
Abul Enein: A comprehensive process of rehabilitation is underway in the Egyptian banking system that includes increasing the capital of the Egyptian banks.

On the technical side, some criteria have been set for securing the internal continual monitoring on the Egyptian banking system for avoiding the problems that have occurred during the previous period.

On the administrative side, some new banks chairmen were appointed for improving the performance of the Egyptian banking system.

Al Ahram: When will the executive bill of the Central Bank law be issued?
Abul Enein: The new law gives the Central Bank a six-month period to issue the executive bill of the law. The new law also stipulates that the Central Bank is directly linked to the President which consolidates the monitoring role of the Central Bank in the Egyptian money market.

Al Ahram: What about the status of the money market after issuing the law of exchange rate?
Abul Enein: There is a continual increase in the foreign currency revenues of the Egyptian banks where the banks have achieved $2.7 billion since issuing the law.

Al Ahram: What about privatizing the public sector banks?
Abul Enein: The Central Bank is currently preparing studies for concluding a future mechanism to manage the public sector banks and these studies will soon be reviewed by the cabinet.

Al Ahram: Are there any indications on improving the Egyptian economic status?
Abul Enein: There are strong indications that reflect the improvement of the economic status in Egypt where the payment balance achieved a surplus of $500 million despite the improper political and economic circumstances in the region which proves the strength of the Egyptian economy.

Previous Stories:
  Egyptian banks set for applying Basel provisions   (7/8/2003)
  Banks to implement Basle recommendations by 2006   (7/1/2003)
  CBE governor: surplus in balance of payments; banks to have quality loans and profit   (6/25/2003)

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