Officials in Egyptian banks refuse to convert part of reserves to euros
Egypt, Economics, 3/29/1999

Official and experts in Egyptian banks refused to convert part of the financial reserves at the Egyptian central bank to euros.

Ali Negm, the former governor for the central bank and head of Delta International Bank, said, "This process has not yet settled, thus, adding it beside the dollar in the currencies composing the reserves constitutes a risk and may expose the whole reserves to danger."

He also said the dollar is still the strongest currency in the world, so the reserves must remain in their current makeup.

Negm expects a change in the euro's price during the coming to years.

Sameer Karim, the former undersecretary of the Ministry of Economy downplayed the interest in the euro for savings at this time saying it is not tempting in comparison with the US dollar.

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