Inflation in Egypt had dropped by 0.3 percent during the last fiscal year, according to a report issued by the Egyptian Cabinet. Local inflation rate fell to 2.2 percent at the end of June of 2001, from 2.5 percent in the end of June 2000.
Egypt's inflation outlook has steadily improved since the late 1990s. The 2.7 percent annual rate in 2000 was the lowest in nearly thirty years.
The report further maintained that the value of overall deposits of the banking sector, excluding the Central Bank, rose to 284.5 billion Egyptian pounds ($66.6 billion) at the end of last May, up from EP 282.3 billion in the end of last April, and EP 254.7 billion in the end of May 2000. — (Mena Report)
© 2001 Mena Report (www.menareport.com )