Financial and Banking News


Egyptian Budget Approved 

The government's austerity budget for FY 1986/87 (beginning 1 July) has been approved by the People's Assembly in Cairo, although details of the proposed changes to the subsidy system have yet to be revealed. The new budget plans to increase indirect taxes on a wide range of goods and services, including gasoline, in order to offset the large fall in oil revenues and customs duties which will come about...