Mubarak chairs economic group ministers meeting
Egypt's President Hosni Mubarak convened a meeting with ministers of the economic group Wednesday morning at the Presidential Palace.
Prime Minister Atef Ebeid, Minister of Information Safwat AL Sherif and Minister of Economy and Foreign Trade Youssef Boutros Ghali attended it. Also present were the Ministers of Supply and Domestic Trade, Planning, Public Enterprise and Finance, the Chief of the Presidential Cabinet and the governor of the Central Bank.
Minister of Information Safwat AL Sherif said following the meeting which was held under the chairmanship of President Hosni Mubarak Wednesday morning with the ministerial group, that Atef Ebeid presented a report on the government's economic policies, foremost among which is the government's policy to realize stability in the exchange market and to consider that the Central Bank of Egypt is the authority responsible for the daily rate of exchange on the basis of the average of dealings which took place and on the basis that this rate in a manner which realizes stability.
The report presented by Atef Ebeid showed a clear improvement in the balance of payments in view of the increase of resources of foreign currency and also an improvement in the volume of resources and the use of foreign currencies.
Ebeid reported that the Central Bank, in cooperation with other banks, would provide all foreign currency needs without delay. The Minister of Information said that President Mubarak stressed during the meetings the importance of the government's commitment to correct the practices of exchange offices in accordance with binding and firm statutes and policies and bring violators to account.
Safwat Al Sherif said that President Mubarak stressed that it was important to make known clear policies that realize stability in the exchange market.
These policies should be made known at a press conference to be attended by the minister of economy and the governor of the Central Bank of Egypt and the statutes of exchange companies should take into consideration all that which realizes the seriousness and quality of separations undertaken by them in addition to transparency in performance and their clear financial position and regulating the relationship between exchange companies and banks.
AL Sherif said that President Mubarak declared that bodies or ministries may not keep deposits in foreign currencies and these should be transferred to the central bank.
President Mubarak said that it was important to explain economic and financial policies and their relationship to world economy and international agreements.
The President also stressed that it was important to place facts before public opinion on the government's policies in the field of expanding the base of ownership and offering any shares on the capital market.
The President asked that press statements should be accurate and any erroneous information should be corrected.