NO. 51


Financial and Banking News

Budgets & Revenues

Egypt Spends $4.5bn to Prevent Local Currency Appreciating

Egypt has spent $4.5bn this year to prevent the Egyptian pound appreciatingagainst the dollar, President Hosni Mubarak told the daily Al-Ahram on 12September. Egyptian interest rates have ranged up to 20% since they were freedat the beginning of last year, and government treasury bills have been yielding18%. As a result money has been flooding into Egypt,...