Ebeid reviews Egyptian exchange market conditions

The ministerial economic group on Monday met under Egyptian Prime minister Atef Ebeid to discuss the overall situation in the exchange market following the measures taken recently by the government to achieve stability in the market.

Ebeid visited Faisal Islamic Bank and met the bank's governor and the board of directors for discussions on the new exchange system which they described as a positive response to market mechanisms.

On his part, Ebeid praised the success of the bank's performance after its total deposits topped nine billion pounds.

He also commended the social services it provides. The bank spends 80 million pounds, around 2.6 per cent of its turnover, on setting up many companies to provide the youth with job opportunities.

The Bank's Governor Abdul Hamid Abu Moussa said the Bank has pumped LE 10 billion into the Egyptian market in addition to its role in setting up 47 companies whose capital amount to LE 3.6 billion.