Banks continue to provide foreign exchange requirements

In implementation of the latest Cabinet decrees, Prime Minster Atef Ebeid held an expanded meeting Wednesday with chairmen of the Unions representing public and private business sectors and in presence of Mahmoud Abul Oyon, the Governor if the Central Bank of Egypt (CBE).

The Prime Minister held another meeting with the economic ministerial group. Following the two hour meeting, Abdul Salam Omar the Chairman of the Union of Banks said an agreement was reached under which banks would continue to provide the needs of all sectors.

It transpired for all that shortage in foreign exchanger resources came as a result of world events.

However, this shortage was fulfilled through efforts exerted by the government during the past three weeks.

Omar said an agreement was reached on cancelling previously taken measures on importation namely cancelling the agreement among banks which was misinterpreted as meaning restrictions on importation.

Representatives of the public and private business community which includes the General Federation of Chambers of Commercial the Union of Banks, the banks of public and private sectors said that the agreements they have reached with the government and the Central Bank depended on many principles including full freedom for importing the needs of all sectors and protecting the homeland against any suspected participation in money laundering, ensuring full freedom of banks, depositors and exporters to get facilities relevant to suppliers.

The chairman of the Union of Banks said all quarters were assured that there were no tendency to impose administrative restrictions on importation.

All have agreed on the plan which guarantees commitment to the Security Council resolutions on transferring no funds to illegitimate activities.