Reserves, deposits up, inflation down in EGypt

The monthly report of Egyptian Cabinet's Information and Decision Support Centre (IDSC) said that the reserves at the Central Bank of Egypt (CBE) and the deposits at the banks operating in Egypt have increased in November 2002 whereas inflation levels reduced.

"The bank credits have also increased," the report added.

International reserves at the CBE have amounted to $ 14.2 billion and the deposits at the banks reached LE 352.1 billion. Bank and credits upped to LE 268.9 billion.

"The inflation rate, it went on, accumulated to 3% annually and 0.2 % monthly during December 2002," the report highlighted.