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

Ahram Online, Monday 7 Jul 2014

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

(Photo: Reuters)

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.



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