New measures to activate Money Market

Egypt's Prime Minister Atef Ebeid said the government will take some measures to activate the money market and push forward its privatization program through selling some shares of the communication and oil firms next week.

Ebeid promised a flourish market soon due to the government's keen on pumping more liquidity into market and going ahead of paying back its debts to contract companies and individuals.

Ebeid denies any intention to raise prices of services in the communication area.

Dr. Atef Ebeid made these statements following meeting yesterday with ministers of the economic group.

On the other hand, Deputy Chairman of the National Bank of Egypt Hussein Abdul Aziz said Egypt's banking system is put under strict control by the Central Bank of Egypt (CBE) which watches all banks' transactions and activities.