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FINANCIAL NEWS
Egypt’s Dec foreign reserves fall by USD2b
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.
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