Several Egyptian private banks have recently begun evaluating new strategies for collecting more American funds in order to satisfy the growing demand for the currency in local markets, reported Al-Hayat . The central bank is no longer able to satisfy the growing dollar demand due to declining foreign currency reserves which have recently declined to $14 billion. Banks have considered raising the rate of return on dollar accounts and short term dollar deposits by 0.25 - 0.50 percent. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
