15 percent reduction in Egypt's European debts
Egypt, Economics, 7/9/1999
Ismail Hassan, governor of the Egyptian central bank said that Egypt's foreign debts in European currencies have been reduced by 15% due to the reduction of the euro exchange price before dollar in international markets. In special statement to ArabicNews.com he said that the European currency lost 15% of its value during the first half of the current year, adding that this reduction in the euro's value is in Egypt's interest, as a large percentage of Egyptian foreign debts are in euros. He said the reserves of the central bank are strong and are comprised of many different currencies, the greatest portion in U.S. dollars.
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