Egyptian minister of economy says price of Egyptian pound far less than real value
Egypt-Germany, Economics, 3/12/1999

Egyptian Minister of Economy Youssef Butros Ghali confirmed that the current price of the Egyptian pound is lower than its real value by 15%, according to the capabilities of the Egyptian economy.

He also said that the short-term debts in Egypt are very low amounting to only $2 billion, while foreign debts amount to $28.5 billion, which are long-term debts with low interest.

For this reason, he said, its market value currently amounts to only $18 billion at a time when the reserves of the central bank vary between $19.5 and $20 billion.

Butros Ghali made his statements at the inauguration of the second symposium for Egyptian and German businessmen yesterday.

Previous Stories:
  Egypt: $2 billion to maintain exchange rate of the pound   (3/9/1999)
  Large German business delegation in Cairo on Monday   (3/6/1999)
  Forming an Egyptian - German business council   (2/26/1999)

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