29/03/1997
Dr. Fouad Shaker, Dr. Nadia el-Sheshiny, the Industrial Development & Workers Bank of Egypt and the Central Bank of Egypt (CBE)’s Research Department submitted working papers entitled Monetary and Banking Policy- Monetary Policy and Economic Reform Program – Towards a More Effective Role for the Banking System in Drawing the Industrial Investment Map in Egypt.(Available in Arabic – German in PDF )
Dr. Fouad Shaker submitted a working paper entitled “Monetary and Banking Policy”. The paper stressed that although governmental spending did not decline within the framework of economic reform policies, there was a tangible decrease in the volume of governmental borrowing from the banking sector to reduce the deficit. This is considered a radical change in the role of the public budget not only as a channel to finance public needs, but also as a style for meeting the public needs within society’s potentials without any negative impact on investment or saving. Dr. Nadia el-Sheshiny and the Industrial Development & Workers Bank of Egypt submitted a working paper entitled “Monetary Policies and Economic Reform Program”. The paper discussed the future vision for completing the implementation of the economic reform program and the other economic policies. The paper highlighted the continuous decrease of inflation rates by the government until they reach the limits that suit the requirements of economic activity and participates in achieving the positive real interest rates which exceed its US-dollar counterparts. The government continuation of suitable investment climate factors will help increase demand for bank credit. CBE managed to drive benefit from open marketing operations to run a monetary market. It is offering financial consultation, participation in the assessment of companies put up for sale and managing and executing the sale of these companies’ shares. As for the paper submitted by CBE, it discussed the role of the banking system in drawing the industrial investment map in Egypt through the following channels: the state’s strategy in drawing the industrial investment map in Egypt, the banking sector’s role in promoting the industrial investment map (with reference to the role played by the Industrial Development & Workers Bank of Egypt) and means of encouraging the banking sector for supporting industrial development goals.