Qatar, Saudi deposits behind increased reserves, says expert

 Egyptian President  Mohammed Morsi Cairo – Mohammed Salah Banking expert Ahmed Adam has described the economic statistic presented by Egyptian Mohammed Morsi in his parliament address on Saturday as “false.” Referring to a similarity between the content of Morsi’s address and toppled President Mohammed Hosni Mubarak’s economic discourse, Adam suggested that Morsi kept the same speech writers who are “trying to bring him down.”
The former NBD executive added that Morsi “should visit poor neighbourhoods to see if they’re experiencing any growth or not,” branding the numbers presented by the Egyptian President as “false” and the result of printing money over the recent period.
“The poor will not stand silent as things become worse and deteriorate: they will launch a hunger revolt,” he said, adding that the growth rates mentioned in Morsi’s address “are not felt by the people - similarly during Mubarak's regime.”
“He’s not living in the same world as the public, and they won’t remain silent,” Adam said.
“Morsi needs to ask himself where the foreign-exchange reserve increase came from?” he said.
The banker added that if Saudi Arabia and Qatar wished to withdraw their $4 billion Central Bank deposits, plus the 4.3 billion pounds’ worth of treasury bonds borrowed by the government from banks, Morsi would be “cornered to meet these financial commitments.”