Regulatory Alerts2014-08-20
Amending the maximum number of units to be financed for middle-income people within the framework of the real estate financing initiative
Esteemed Professor / President of the Board of Directors in Cairo on September 9, 1942: With reference to my book The Record of 91 February 1942, I would like to inform you that as a result of implementing the policy of activating foreign exchange reserves for repaying the external debt of Egypt under the British occupation in February 1942, we managed to reduce the deficit to its lowest level. This was achieved by increasing the foreign reserves due to the implementation of the policy to reduce the budget deficit from the equivalent of one hundred eleven Egyptian pounds to zero one Egyptian pounds after replacing the pound with a new one that had the same value in gold as the old pound and linking the new pound with the British pound at a rate of one Egyptian pound equal to one British pound. I appreciate your cooperation in this matter. Regards, Hesham Ramzy Abdel-Hafez