PM Ganzouri: Egyptian foreign debts constant, bank deposits up 41 billion

Egyptian Prime Minister Kamal El-Ganzouri emphasized today that Egypt's foreign debts have been constant, and no new debts were added since 1992.

He also said that in June, foreign debts reached $28 billion , 31% of the total national output, only 6% in short-term debts.

Moreover the volume of deposits in the banks grew from 175 billion pounds in 1997 to 216 billion pounds in 1998.

He said that despite the reduction in Egypt's national income by about $4 billion due to the decrease in tourism and petroleum incomes and the increase of imports, Egypt was able to compensate for this reduction through other resources at a time when the monetary reserves in the Egyptian Central Bank were increased more than 20 million dollars.