Egyptian financial reserves are valued at $20 billion

The monthly report of the Egyptian bank mentioned that the net worth of international reserves at the bank amounted to $20 billion at the end of last October, in comparison to $20.6 billion in October 1997.

Moreover the total local liquidity has amounted to 219 billion pounds in comparison to 200 billion during the same period in 1997.

The report stated that the total local credit amounted to $23 billion in October 1998, in comparison to $196 billion for the same period in 1997.

Meanwhile the net worth of foreign asserts in the Egyptian banking system amounted to 39 billion pounds where the total loans amounted to 182 billion pounds.

The report confirmed that the rate of annual inflation rate amounted to 4.4% at the end of October 98 in comparison to 4.7 in September of the same year.