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Egypt foreign reserves dropped slightly in March: CBE

Net foreign reserves fell by $84 million in March to $13.4 billion, Central Bank of Egypt says on Thursday

Ahram Online, Thursday 4 Apr 2013
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Egypt's Net International Reserves (NIR) fell by around $84 million in March to $13.42 billion, the Central Bank of Egypt (CBE) announced on Thursday.

The NIR has fallen by around $1.6 billion since the beginning of the year, raising fears the reserves would not be enough to cover the import of staple products.

The reserves have plunged by more than half since the January 2011 uprising when they stood at around $36 billion.

Egyptian Planning Minister Ashraf El-Araby stated from Dubai on Tuesday that the government aimed to up reserves to $16 billion by the end of the current fiscal year in June, significantly lower than a previously announced target of $19 billion, according to Reuters.

Last week an Egyptian delegation went to Iraq seeking a $4 billion deposit in the CBE. The request was rejected by Baghdad as "too risky." Talks are continuing over a smaller deposit.

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Mick Herz
06-04-2013 06:44pm
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Ask the army
Isn't the army controlling more than 40 percent of the BIP? Maybe the poeple should ask them for help.
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Roslyn
04-04-2013 04:50pm
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Is it true, this time!
We can only pray that this is true, as we have lost count of the number of times that the IMF loan is imminent, only to have fresh developments delay the loan, by whom is never clear! To this day, I do not understand the delay, this loan should have been accepted and implemented months ago to partly avoid the present fiscal state. As usual, it has not been revealed how this loan will be used, for development or government expenditure.
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patkar
06-04-2013 04:29pm
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how is it you don't know !
should the loan be accepted it will pay for the interests of previous loans, just a vicious circle with no end at this time.The answer : go back to work under a RIGHT guidance and managemant . Or is it a dream ?
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