Egypt's foreign exchange resources increased

A decision has been taken on establishing a new mechanism at the Central Bank of Egypt (CBE) for reactivating the decision deregulating exchange rate, issued last January, and following up inter-bank transactions, in the framework of a policy that aims at establishing a managerial infrastructures, and an effective system securing accurate implementation of the deregulation decision, an official said following the meeting held under the chairmanship of Prime Minister Dr. Atef Ebeid for following up performance of exchange market.

The meeting, attended by the ministers of foreign trade and finance and the CBE governor, reviewed a report by the CBE governor on exchange rate during the period from adoption of exchange rate deregulation until the end of last July.

He said the volume of foreign exchange resources rose during that period compared with the same period last year.

The source said the report indicated that the policy of encouraging utilization of substitute local products was behind the emergence of positive indicators represented in minimizing utilizations compared with the same period last year.