Foreign reserves up to $ 18.7 billion

The cabinet's Information and Decision Support Center's monthly report revealed that inflation rate in Egypt retreated in May 2005 from 5.7 in March to 5.1 in May.

Total deposits increased from LE 507.16 billion to LE 511.53 billion, the report said.

Total local Liquidity went up from LE 422.9 billion to LE 484.16 billion, the report noted, adding that the credit facilities provided by banks surged up to LE 305.3 billion.

The report disclosed the rise of foreign reserve from $ 18.5 billion in April 2005 versus $ 18.7 billion last May.

As for dealings with Foreign countries, the report pointed out that Egyptian exports during January-April 2004 went up to LE 16.9 billion compared with LE 14.4 billion in the same period of 2004.

Imports surged up to LE 35.6 billion during January. April 2005 versus LE 35.6 billion in the corresponding period of 2004, the report said.

Suez Canal revenues went up during July 2004 - June 2005 to $ 3.3 billion compared with $2.8 billion during July 2003 - June 2004, added the report.