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Egyptian President Pledges To Tackle Bad Loans

EgyptianPresident Husni Mubarakannounced on 2 October that the Central Bank of Egypt (CBE) is to come underhis offices supervision in a bid to deal with the $2.6bn bad debt problem thathas hit local banks. However, while the bad debts are a current priority, thechange in the reporting chain is not new and Egypts cabinet had originallyapproved the draft law to bring the CBE under the auspices of the Presidentsoffice...