Inflation down to 2.9 percent in Egypt
Egypt, Economics, 9/20/1999

An economic report by the Egyptian Central Bank said that the average rate of inflation in Egypt has fallen to 2.9% from a rate of 3.9% in January.

The report added that domestic liquidity was also up, rising to LE 234.569 billion in June from LE 222.545 billion in January and LE 210.487 billion in June 1998, while foreign deposits totaled LE 41.903 billion, compared to LE 40.289 billion in January and LE 39.907 billion in June 1998.

It also said that domestic credit in foreign and local currencies reached LE 256.569 billion in June, compared to LE 239.836 billion in January and LE 211.525 billion in June 1998.

The report added that the exchange rate for the dollar averaged LE 3 39.60, compared to LE 3.38.81 in January and LE 3.38.80 in June 1998. Stock market capital hit LE 40.897 billion, compared to LE 34.840 billion in January and LE 23.172 billion in June 1998, while the number of companies listed on the market reached 954.

Fourth quarter exports for the fiscal year 1998/99 reached $1.32 billion, up from their third quarter rate of $1.014 billion. In the same time import payments rose to $4.46 billion from $ 4.221 billion, while free-trade zone exports reached $194.7 billion, up from $154.2 billion and free-trade zone imports rose from $ 338.9 billion to $ 267.1 billion.

Domestic liquidity rose to LE 234.569 billion last June from LE 222.545 billion in January and LE 210.487 billion in June last year.

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