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Egypt foreign reserves drop $449 mln in November

Foreign reserves fell to $15.035 billion in November 2012, Egypt's central bank says

Ahram Online, Friday 7 Dec 2012
Egypt foreign reserves
Reserves grew in October due to the Qatari deposit (Photo: Reuters)
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Views: 1268

Egypt's foreign reserves dropped by $449 million in November, the central bank said on its website on Thursday.

Net international reserves were $15.035 billion at the end of November, down from $15.484 billion at the end of October.

The growth in October reserves was largely attributed to the second tranche – worth $500 million – of a promised $2 billion deposit by Qatar into Egypt’s central bank.

The Central Bank of Egypt received the first tranche of $500 million in August.

The reserves had inched up at the end of April for the first time since the January 2011 uprising, reaching $15.21 billion.

The reserves have plunged by more than half since the uprising, which scared away tourists and investors, two of Egypt's main sources of foreign currency.

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