SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt sees 7.5 pct growth, sanguine on inflation
Published in Daily News Egypt on 26 - 01 - 2007

DAVOS: Egypt s economy should expand by 7.5 percent this year, with growth taking priority over curbing inflation, Prime Minister Ahmed Nazif said on Thursday.
Our first priority is to grow and grow as fast as we can. We have achieved levels of growth of about 7 percent and, continuing on that path, we are projecting 7.5 percent this year, he told a news conference at the World Economic Forum.
There would be some inflation as a result but Nazif said he was not concerned and he played down the possibility of an interest rate increase to curb price rises.
We will see some inflation in the process as we go ahead. It doesn t worry us for one main reason that most of the inflation, as we ve seen last year, was cost-driven, so we don t see much effect coming from reducing liquidity through interest rates or other things.
Prices rose 12.4 percent in the year to the end of December, the highest rate for two years. Since inflation started rising in mid-2006, ministers have been saying it is a temporary phenomenon and will soon fade.
Nazif earlier said there could be progress on privatizing state banks by the middle of this year. The private sector could have a role in Banque du Caire after it merges with Banque Misr, he added.
Asked when more state banks might come to the market, the premier told Bloomberg TV: I think you ll see more of the same this year. Hopefully by summer, yes.
We see also changes in other state banks as we go ahead, especially Banque du Caire which has, for now, been absorbed by one of the large banks but we hopefully see a future also for private sector injection in there, he said.
The government is merging Banque du Caire and Banque Misr, the third and second largest state banks.
The government sold 80 percent of Bank of Alexandria, previously the fourth largest, to Italy s Sanpaolo in October for an unexpectedly high price of $1.6 billion.
It has not previously said it planned to privatize the other big state banks.


Clic here to read the story from its source.