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Egypt foreign reserves slip to $14.42 billion in July

A recent up-tick in reserves proves short-lived as figure drops a further $1.1 billion

Ahram Online, Tuesday 7 Aug 2012
Views: 1147
Views: 1147

Egypt's foreign currency reserves have resumed their steep decline, falling to $14.42 billion in July from $15.53 billion in June, according to figures from the central bank on Tuesday.

Reserves saw a mild climb of around $13 million in June, mirroring mild gains in April and May, their first since the January 2011 uprising began.
The figure has plunged by more than half since political turmoil scared away tourists and spooked foreign investors, both major sources of foreign currency.
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