Egyptian banks held 327.37 billion Egyptian pounds ($70.63 billion) in local currency deposits, in April 2002, a three percent increase compared to the EP318.71 billion reported in March 2002, according to the latest monthly report issued by the Central Bank of Egypt (CBE).
During the same period, Egypt’s foreign currency reserves increased from $13.77 billion to $13.79 billion within a month. This constitutes a meager 0.14 percent rise. Egypt’s major sources of foreign exchange earnings are labor remittances, Suez Canal revenues, oil and tourism, all adversely affected by the global downturn following the September 11 terror attacks in the US. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
