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Al-Ahram Weekly On-line 9 -15 November 2000 Issue No.507 
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Published in Cairo by AL-AHRAM established in 1875 |
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Al-Ahram Weekly On-line 9 -15 November 2000 Issue No.507
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| Published in Cairo by AL-AHRAM established in 1875 |
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Egypt Region International Economy Opinion Culture Books Travel Living Sports Profile People Time Out Chronicles Cartoons Letters HIGHLIGHT
INTEREST rates on the National Bank of Egypt's investment certificates were raised from 11 per cent to 12 per cent. Those on post office deposits will also be raised by 0.5 per cent annually. These decisions were announced by the ministerial economic group.
THE MORTGAGE draft law is scheduled to be presented during the upcoming session of the People's Assembly, according to Minister of Economy and External Trade Youssef Boutros Ghali. The cabinet had already approved the draft law last year.
TARIFFS have been amended on 55 imported items, most of which are raw materials used by local industries. A decree cut tariffs on sugar, agricultural seeds and animal fodder. Duties levied on raw gold were also reduced in a bid to encourage local industry and counter dumping. But reductions were not the only changes made to tariffs. Those levied on imported goods for which there are locally produced alternatives, such as refrigerating equipment, have been increased.
OMAR EFFENDI, Hannaux and eight other national department store chains will be put up for sale, once again, to an anchor investor by the end of 2000. A previous sale plan had floundered due to differences between investors and the government over the evaluation of assets. The government's current estimate of the value of this commercial enterprise is LE1 billion. Proceeds from the privatisation will go into the Ministry of Public Enterprise's restructuring fund.
THE DEFICIT in the trade balance fell by 30 per cent during the first half of 2000 compared to the same period during the previous year. According to the Central Agency for Public Mobilisation and Statistics (CAPMAS) the deficit reached LE15.4 million during the first half of 2000 compared to LE22.1 million in 1999.
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