Egypt's foreign reserves fell by US$1.87 billion during November, a central bank official said on Thursday.

Reserves fell to $20.2 billion as of end-November from $22.07 billion at end-October, the official told Reuters by telephone. At the end of November, 2010, they stood at $35.57 billion.

"The election has given us big hope that the worst is behind us," the central bank official said.

Reserves began falling in the wake of the uprising that toppled Hosni Mubarak in February.

Analysts said last month investors had been dumping treasury bills and other assets ahead of Egypt's parliamentary election, which began on Monday, because of uncertainty over a peaceful transition to civilian rule.

He said the reserves figure would be posted officially on the central bank's website next week.