Last Update 21:30
Monday, 19 August 2019

Egypt's net foreign reserves down $596 mn in June

Central Bank of Egypt is yet to announce the reason for the fall in foreign reserves

Ahram Online, Monday 7 Jul 2014
Dollar
(Photo: Reuters)
Share/Bookmark
Views: 1858
Share/Bookmark
Views: 1858

Egypt’s Net International Reserves declined by 3.4 percent at the end of June, reaching $16.687 billion compared to $17.283 billion in May, the Central Bank of Egypt (CBE) announced on Monday.

June's drop is the second consecutive slump in foreign reserves since January.

Reasons behind the rise are yet to be announced by the CBE.

Reserves fell sharply after a 2011 uprising that ousted president Hosni Mubarak, but were lifted last year when Gulf Arab states gave billions of dollars in aid to Egypt after Islamist president Mohamed Morsi was deposed by the military following mass protests against his rule.

 

 

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.