Egypt News

The statement from the office of Trade and Industry Minister Rachid Mohamed Rachid was the government's first substantial comment on what effects the global financial crisis might have on the Arab world's most populous country.
The main Egyptian stock index has fallen about 27 percent since September 21 and it slipped a further 7 percent on Wednesday. Brokers said prices have fallen mainly in response to similar declines on the main exchanges abroad.
The statement said: "The current drop in the performance of the Egypt Stock Exchange has little to do with the actual values of the listed companies. These companies are still performing very well ... Their revenues are good."
"The international banking crisis is not impacting Egypt's banks. At the moment, banks in Egypt have strong liquidity," the statement added. Egyptian banks do not have significant investments in Europe or the United States, it said.
But the financial crisis will have an effect on Egyptian trade and industry because the country is increasingly part of the global economy, it said. "We all know that we will be impacted. The question is how much and what are the steps that we can take to minimise this impact," it added.

EGYPT NEWS

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