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Egypt foreign reserves stand at $15.7 billion

Egypt foreign reserves stand at $15.7 billion

Egypt's Central Bank says the country's net foreign reserves dropped again in February, but by less than any month since the uprising a year ago that toppled President Hosni Mubarak.
The bank says $640 million flowed out of the country last month.
Figures posted on the bank's website Sunday show net foreign reserves at $15.71 billion at the end of February, compared to $16.35 billion in January.
Egypt's net international reserves were down 50 percent year-on-year by the end of December 2011, raising questions about how the country could cope with a widening deficit alongside worries over the balance of payments.
Egypt is discussing a $3.2 billion loan with the International Monetary Fund. Egypt's government sees the loan as a necessary financial boost because of the country's ongoing economic crisis.


Updated : 2020-12-03 19:31 GMT+08:00