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FINANCIAL NEWS
Egypt’s foreign reserves fall to USD15.33b December end
07 Jan 2015
(MENAFN) Egypt’s Central Bank (CBE) said that the country’s foreign currency reserves fell to USD15.33 billion at the end of December compared with USD15.88 billion registered in November, Egypt Daily News reported.
The country’s foreign reserves had taken a sharp fall in 2011, when they were USD36 billion, after the political unrest that swept the country but had been on the rise thanks to financial aids given by the Gulf countries
The CBE said that the fall in reserves happened after the country repaid a USD2.5 billion deposit to Qatar in late November after paying them another USD500 million deposit in October
Meanwhile, the country’s current account registered a deficit of about USD1.4 billion as a result of the 29.2 percent rise in the trade deficit, which climb reflected the 17.9 percent increase in the merchandise imports, which amounted to USD16.2 billion.
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