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Egypt's reserves down to $15.3 bn in December

Reserves have inched downward on the back of decreased levels of foreign aid and political instability plaguing the Suez Canal and tourism

Ahram Online , Tuesday 6 Jan 2015
Four thousand U.S. dollars
Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009 (Photo: Reuters)

Egypt's net international reserves (NIR) inched down to $15.33 billion at the end of December from $15.88 billion a month prior, the country's central bank announced on Tuesday.

Reserves fell sharply after the 2011 uprising that ousted former president Hosni Mubarak, but were lifted in 2013 when Gulf Arab states gave billions of dollars in aid to Egypt after the ouster of Islamist president Mohamed Morsi.

However, this fiscal year, Egypt returned a $2.5 billion deposit to Qatar and only received $1 billion in grant-based aid from Kuwait in November.

Egypt relies on the Suez Canal and tourism as its main sources of foreign currency. Two areas strained by the political instability that followed the 2011 uprising.

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