Exchange market moving to stability

Youssef Boutros Ghali, Minister of Economy and Foreign Trade, submitted a report on economic conditions.

He stressed that the exchange market was moving towards stability after a flexible exchange rate policy was announced and after some exchange companies were prevented from making speculations.

The Minister said that exchange companies will have to adapt their conditions to amendments announced, foremost among which is that a company should raise its capital to 10 million pounds.

No violation of the law will be tolerated, he said, and several "quiet and effective" measures have been taken with the aim of restoring full stability to markets and deal with the problem of liquidity in a radical manner in a period ranging between 3 and 9 months on the basis of a good economic basis and a strong economic and legislative infrastructure.

The Cabinet decided to devote a place at the building of the Investment Authority at which all government agencies which deal with investors will have representatives.

This centre will serve Cairo, Giza and the Nile Delta governorate of Qaliubia.

Similar centres will be set up in four new cities at which all services will be provided. They are 6th of October, 10th of Ramadan, Sadat and Borg A1 Arab cities.

Twenty-four agencies will be represented at centres which will serve investors.