6 June 2014

Egypt: Economic Ministerial Group Tackles Exchange Market Situation

The economic ministerial group, chaired by Prime Minister Ibrahim Mahlab, reviewed on Thursday 05/06/2014 the current situation concerning exchange market in Egypt.

Hisham Ramez, Governor of the Central Bank of Egypt (CBE) reviewed the CBE's policy to restore stability to foreign exchange market and control the inflation rates in Egypt, saying that such a policy has started to bear fruit.

During the meeting, Petroleum Minister Sheriff Ismail reviewed the ministry's plan to provide household natural gas services to 800,000 houses nationwide.

Supply Minister Khaled Hanafi reviewed the latest developments concerning the preparations for the application of the smart card system for subsidized bread distribution.

In the meantime, Planning Minister Ashraf el-Arabi reviewed the government's urgent plan to increase the volume of investments directed to projects of the upcoming FY with EGP 5 billion.

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