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FINANCIAL NEWS
Egypt’s foreign reserves drop to USD15.53bn
08 Aug 2016
(MENAFN) Egyptian foreign reserves dropped to reach USD15.54bn at the end of July, while it stood at USD17.5bn at the end of June.
Furthermore, the country had USD36bn in reserves before an uprising in 2011 over Hosni Mubarak.
However, foreign currency reserves in July were weak, as Egypt returned an USD1bn deposit to Qatar and paid USD720mn in fees to the Paris Club.
In addition, the country devalued the pound by 13 percent in March, in order to close the gap between the official and parallel rates.
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