Egypt's Central Bank (CBE) announced that the country's foreign reserves reached US$26.56 billion at the end of June, down from $27.22 billion in April, a decline of $660 million.
This rate compares well to the fall of $800 million between April and May, and even more favourably to the plunge of around $2 billion seen between March and April.
Foreign reserves have plummeted $8.5 billion since January as a consequence of the fall in revenue from vital sources of overseas currency, such as tourism and foreign investment.
According to Hisham Ramez, CBE's deputy governer, Egypt needs around $51 billion of foreign currency to cover its annual needs, which translate to $4.25 billion monthly.
The current level indicates that Egypt remains within safe limits and able to cover around six months of imports. The international average is for between six and nine months.
Short link: