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FINANCIAL NEWS
Egypt foreign reserves decline by USD84m in September: cbank
09 Oct 2012
(MENAFN) An official report showed that Egypt’s foreign reserves continued to decline in September, by USD84 million this time, Reuters reported.
However, the government managed to maintain the reserves above USD15 billion for a third straight month, after foreign donors’ money started to flow into the country to help it address its troubled economy.
According to Egypt’s central bank, net international reserves fell to USD15.04 billion last month, from USD15.13 billion in August.
The reserves have plunged by more than half since the popular uprising in January 2011, which scared away tourists and investors, two of Egypt’s main sources of foreign currency.
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