Egypt's Economy stronger than 10 years ago

Egyptian Prime Minister Atef Ebeid said the recent measures taken to develop the foreign exchange rate regime will contribute to striking a balance in markets and achieving a rise on the country's exports.

He affirmed that the banks would meet the needs of importers and businessmen besides who travel abroad.

"It is a realistic-one and keeps pace with supply and demand," he said.

Ebeid, following a drop in to Banque Du Caire yesterday to get acquainted with the latest developments of the new rate, said Egypt's economy is now stronger than any time over the past ten years, with a 4.5 per cent rate of growth.

Meantime, Minister of Economy Youssef Boutros Ghali decided to withdraw licenses of nine bureaux de change for seven days and three weeks because they did not honor the new regulations in their daily transactions.

They refused to issue receipts to their customers and did not inform the CBE on their regular exchanges.

Businessmen and company chairmen said the new exchange rate will have a limited impact on the goods prices and the government can avoid it by more cost restrictions and reliance on local raw materials.

In a related development, Cairo and Alexandria stock exchanges witnessed a rise in shares dealings following a long time of slump.

All-share index rose to 586.67 points at a rate of increase of 5 per cent.