Egyptian government reevaluates interest rates

Published July 2nd, 2001 - 02:00 GMT

Meeting with representatives from major foreign and local companies in Egypt, Prime Minister Atef Obeid announced that his government would take the necessary steps to increase the influx of Arab and foreign investments to the country.  

 

The Prime Minister also stated that the government would reevaluate current interest rates, which he described as excessively high compared with other industrialized countries, reports Al-Hayat daily.  

 

He added that high interest rates resulted in price hikes for local consumers due to increased production costs for manufacturers. —(MENA Report) 

© 2001 Mena Report (www.menareport.com)


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