06 Jan 2012
(MENAFN) The Central Bank of Egypt said that last month, the country’s net foreign reserves dropped by USD2 billion, reported Arab News.
The bank added that at the end of last year, foreign reserves reached USD18.1 billion, adding that overall reduction since December of 2010 was 50 percent.
On the other hand, it said that in order to support the country’s pound, which faced depreciation due to months of political unrest that hampered Egypt’s economy, the government depended heavily on foreign reserves.
It is worth noting that Egypt’s tourism sector, which represents a main pillar for the country’s economy and a key source for revenue, was affected the most as a result of the political upheaval that swept the country.
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
25 May 2025
BBK strengthens commitment to sports development through strategic partnership with Bahrain Basketball Association
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more