Egypt’s economy is on the rise, according to recent figures disclosed by the Central Bank of Egypt (CBE). On an annual basis, inflation fell to 2.3 percent in April, compared with last April’s figure of 2.9 percent, reports MENA, the government news agency.
Net foreign currency reserves of the bank rose from $14.2 billion in March to $14.27 billion in April. However, these figures reflect a decline from April 2000, when reserves reached $15 billion.
The county’s available capital supply increased from 42.09 billion Egyptian pounds ($10.6 billion) last April, to EP 51.3 billion ($13 billion) this past April.
Overall bank deposits, including government and non-government deposits, amounted to EP 282.2 billion in April, compared with EP 252.4 billion in the corresponding period of 2000.
Furthermore, the number of listed companies on the local stock exchange rose to 1,061 in April compared to 1,044 last year. This statistic, however, represents a decline relative to the month of March, when the number of listed firms reached 1,076.
In another positive sign for the Egyptian economy, the country’s foreign debts have also dropped. During the third quarter of fiscal year 2000/2001, Egypt’s debt dropped to $26 billion, from $27 billion in the second quarter, and from $28 billion in the third quarter of fiscal year 1999/2000. –(MENA Report)
© 2001 Mena Report (www.menareport.com )