Egypt's foreign reserves fell by almost 10 percent to $13.6 billion in January, the Central Bank of Egypt said in a statement on Tuesday published by the official MENA news agency. The bank said "foreign reserves fell heavily by $1.4 billion to $13.61 billion in January, from $15 billion in December," the agency reported. The statement gave no reason for the fall. Despite an influx of $5 billion in aid from Qatar in the form of grants and loans over the past year, the reserves have continued to drop. MENA quoted an economics expert saying the decrease since December was partly due to Egypt paying interest on foreign loans and a drop in tourism revenues due to continuing political unrest. The bank had also made dollars available to the government to import food and oil products, and sold dollars to banks in auctions in a controlled devaluation of the Egyptian pound. The bank had warned last month that its reserves had reached critical levels as political turmoil forced the government to postpone subsidy cuts and finalising a deal with the IMF for $4.8 billion in aid.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor