Egypt study alternatives to controling the Egyptian pound exchange rate

Egypt's Minister of Planning, Osman Mohamed Osman said that the Egyptian government is currently studying several alternatives to control the Egyptian pound exchange rate which lost 25% of its value since liberalizing the exchange rate by the beginning of the current year.

The liberalization of the exchange rate led to a high increase in the price of basic commodities such as bread, oil, rice and sugar. He added "the government decided to increase the volume of support."

On the other hand, Othman announced that the Egyptian ministers are banned form buying new cars for 2003 and 2004, according to a decision issued by the Egyptian government within a plan to orient government's spending.