Misr Hotels-Hilton (MHOT.CA) will hold its extraordinary and ordinary general assemblies on January 23, to approve the financial statements of its subsidiaries and affiliate companies.
Minister of public enterprise, Mokhtar Khatab announced the government’s intention to repay all of its arrears to contracting companies before the end of June 2001. Dr.Khatab has also announced the government’s intention to implement vital infrastructure projects including schools, roads, hospitals and water stations with a total investment of LE30 billion.
The Central Bank of Egypt –CBE released its monthly report in which October data were published. Net international reserves slipped to $14.2 billion from $14.5 billion in September. On the other hand, M2 grew 1.51 percent to LE266.1 billion, on the back of a 16 percent surge in foreign currency demand deposits and M1 grew 1.43 percent to LE51.3 billion backed by a 4.3 percent growth in local currency demand deposits.
Total deposits grew at 2 percent in October to LE272 billion while total loans and discounts grew at 1.4 percent to LE229.4 billion. Net foreign assets grew at 3.3 percent to LE25 billion despite a LE1.6 billion decline in net foreign assets with the CBE.
The number of tourists rebounded in October to 497 and portrays a 7 percent improvement over the comparable month of last year. Moreover, the number of tourist nights posted a 2.1 percent increase over October 1999.
The Ministry of Finance announced a 91-day T-bill auction with a total face value of LE500 million. The issue date is January11 and the maturity date is April 12. The final date for bids is January 10.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
