Egypt: $2 billion to maintain exchange rate of the pound
Egypt, Economics, 3/9/1999

Egyptian financial authorities have taken urgent measures to put an end to the rise in the exchange rate of the dollar against the Egyptian pound which on some markets amounted to about 3% increase.

The chief of trade chambers union, Mahmoud El-Arabi, said that the Egyptian Central Bank has agreed to offer $2 billion from reserves to confront the crisis of the dollar in the Egyptian market.

Economic sources added that the government has taken measures, including the call of the Egyptian central bank to all banks not to offer credit facilities for consumer goods, especially dumped goods imported where the importer can undergo the whole importing process on the basis that the foreign finance bank, is issuing guarantees and opening the documentary credit necessary for this.

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