Egypt refuses to print bank notes to face liquidity crisis

Egyptian President Hosni Mubarak on Sunday brushed aside fears of possible impact of the current decrese in liquidity in the Egyptian market.

President Mubarak spelt confidence that the government is capable of overcoming the problem through mapping out viable and practical solutions.

Mubarak asserted that the government has already embarked on measures to handle the issue, adding that the market will improve gradually.

In statements to Al Gomhoria daily, the President ruled out the possibility of giving the green light for issuing extra bank notes or devaluating of the Egyptian pound to handle the crisis.

Mubarak asserted that he is personally following up the performance of the government and in contact with the specialized ministerial groups on the ongoing developments and future steps.