Egyptian economic performance improving

"Performance of the Egyptian economy witnessed a remarkable improvement during the last part of 2000 and the beginning of 2001, with most sectors flourishing, inflation rates slumping, imports decreasing and trade balance deficit showing signs of recovery," according to official figures.

A report issued on Friday by the Cabinet Information and Decision Support Center (IDSC) showed an increase in currency supply, in addition to hiking Suez Canal revenues.

"Annual inflation rates went down in November to 2.4 per cent, compared to 2.5 % in the month before, and 3.0 % in November 1999," the report said.

"The total fiscal deposits at the banking apparatus rose to 272 billion Egyptian pounds in late October, compared to 266.7 billion pounds in September," the report noted.