CAIRO - Egypt's Minister of Finance Samir Radwan has said the country's economy is "fine", dismissing reports about an economic collapse, the official Middle News Agency (MENA) reported on Monday. The Egyptian economy is "diversified" and does not rely on one commodity, according to Radwan. "The macroeconomic results are not satisfying, but there has been no collapse after the January 25 Revolution," he said. Radwan added he called on European creditors to swap debts for aid in the Egyptian pound. On Sunday, the Central Bank of Egypt (CBE) said it had sold LE3 billion ($508 million) in domestic treasury bills. Bankers say demand for Egyptian treasury bills has declined because of the political turmoil that ousted Hosni Mubarak last month, partly on concern the value of the pound will depreciate in coming months. The CBE had offered LE3.5 billion of 266-day T-bills, but reduced the amount to LE2 billion. The average yield was 12.473 per cent. The CBE also sold LE1 billion of 91-day T-bills, the same amount it had asked for, at an average yield of 11.487 per cent, up from 11.097 per cent at last week's auction.
