Egypt’s reserve of foreign currency dropped by nearly US$700 million in December, a high-profile source at the banking sector revealed.
That amount is from the deposit of US$500 million at the Central Bank of Egypt returned to Qatar, as well as $200 million that was allocated to meet the market’s need for for US currency and repayment of debts owed to foreign partners working in the oil sector.
The Central Bank of Egypt has not yet officially announced the value of the foreign reserves during December 2013.
Egypt’s foreign reserves stood at around $17.7 billion in November.
Edited translation from Al-Masry Al-Youm
