BREAKING: Egypt’s int’l reserves decline to $18.1B at August-end
Central Bank of Egypt - YOUM7
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CAIRO: Egypt’s Net International Reserves declined to $ 18.09 billion at the end of August from $18.533 billion at July-end, recording a decrease of around $ 437 million, the Central Bank of Egypt (CBE) announced Monday.

Egypt’s foreign reserves saw a severe shortfall over the past four years as tourism revenues and foreign direct investments tumbled over political turmoil following the January 25 Revolution, which toppled Former Minister Hosni Mubarak in 2011.

The foreign reserve allows the government to purchase basic commodities, such as wheat and petroleum products, and to pay off premiums and interest on foreign debts.

 

Further details to follow.

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