CBE: June cash reserve losses total US$700mn

Egypt's cash reserve lost US$700 million in June. By the end of the month it was $26.5 billion, compared to $27.2 billion in May.

Central Bank of Egypt Deputy Governor Hesham Ramez told Al-Masry Al-Youm that the rate of recession in June was the lowest in six months.

The rate of decline shows that economic consequences of the January revolution started to subside during the past few months, Ramez said.

He said the cash reserve is allocated to be used during times of crisis, and it declined from $36 billion at the end of December to its current amount, marking a total loss of $9.5 billion.

The reserve is still within the safe limit, covering imports for another six months, Ramez said.

Increasing Egypt's foreign currency income by increasing production rates and boosting economic growth could halt losses to the reserve.

Translated from the Arabic Edition

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