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Egypt posts USD1.77b decline in Jan’s foreign reserves

10 Feb 2012

(MENAFN) Egypt’s central bank said that in January, the country’s foreign reserves declined by USD1.77 billion to reach USD16.35 billion, reported The Peninsula.

The bank added that in each of October, November and December, reserves fell by nearly USD2 billion.

On the other hand, Egypt’s Planning and International Cooperation Minister,
Faiza Abu el-Naga, said that Egypt had enough resources on hand, and interest payments on foreign loans at the start of the year were responsible for part of the decline in reserves.

It is worth noting that the political and economic unrest which hit Egypt has deteriorated unemployment, increased the country’s budget and balance of payments deficits, and reduced its foreign reserves.

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