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Egypt foreign reserves drop by $1.1 bn in June: CBE

After two consecutive months of rise, Egypt's net international reserves resume decline in June, reaching $14.9 billion

Ahram Online, Sunday 7 Jul 2013
Views: 1986
Views: 1986

Egypt’s net international reserves (NIR) dropped by $1.12 billion in June, landing at $14.9 billion, the central bank announced on Sunday.

Foreign reserves rose in April for first time since October 2012, continuing their upturn in May during which $16.04 billion was recorded due to injections of foreign aid from Turkey, Qatar and Libya.

Egypt's net international reserves have fallen by more than half since the 2011 revolution, which scared off tourists and investors – both considered main sources of foreign currency for Egypt. In January 2011, Egypt's net reserves stood at some $36 billion. 

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