Egypt Independent

Cash reserves down 1.1 percent in May



On Thursday, Egypt's central bank announced a 1.1 percent drop in net cash reserves. 

May's reserves stood at US$17.283 billion, compared to US$17.489 billion in April.
 
Cash reserves have dropped sharply after the revolutions that toppled former presidents Hosni Mubarak and Mohamed Morsy, in addition to an unstable security situation that had its toll on foreign investment. 
 
The central bank resorted to periodic bids to sell dollars in an effort to combat the black market. 
 
 
Edited translation from Al-Masry Al-Youm