Egypt foreign reserves stand at $15.7 billion
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This piece was written for Egypt Independent’s final weekly print edition, which was banned from going to press....
This piece was written for Egypt Independent's final weekly print edition, which was banned from going to press. We...
This piece was written for Egypt Independent's final weekly print edition, which was banned from going to press. We...
This piece was written for Egypt Independent’s final weekly print edition, which was banned from going to press...
This piece was written for Egypt Independent’s final weekly print edition, which was banned from going to press....
Egypt foreign reserves stand at $15.7 billion
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Sun, 04/03/2012 - 20:44
Egypt's Central Bank says the country's net foreign reserves dropped again in February, but by less than any month since the uprising a year ago that toppled President Hosni Mubarak.
The bank says US$640 million flowed out of the country last month.
Figures posted on the bank's website Sunday show net foreign reserves at US$15.71 billion at the end of February, compared to US$16.35 billion in January.
Egypt's net international reserves were down 50 percent year-on-year by the end of December 2011, raising questions about how the country could cope with a widening deficit alongside worries over the balance of payments.
Egypt is discussing a US$3.2 billion loan with the International Monetary Fund. Egypt's government sees the loan as a necessary financial boost because of the country's ongoing economic crisis.
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