Foreign currency reserves stable says Egyptian central bank
The Central Bank of Egypt (CBE) has issued a relatively upbeat report for the first nine months of fiscal year 2000/2001, noting that foreign currency reserves stand at a steady $14.1 billion, following the period of instability caused mainly by the government's efforts to peg the Egyptian pound to the U.S. dollar.
Nonetheless, the CBE noted that direct foreign investment had fallen by about 60 percent during the period, from $1 billion during the first nine months of fiscal year 1999/2000 to $400 million during the corresponding period of the current fiscal year.
Commentators say the reduction in direct foreign investment is the results of slowdown in the Egyptian privatization program. – (MENA Report)
© 2001 Mena Report (www.menareport.com)