Tuesday 7 August 2012

Egypt foreign reserves resume decline in July | Reuters

Egypt's foreign reserves resumed a steep decline that began last year when a popular uprising sent the economy into a tailspin and led the central bank to start selling dollars to prop up the country's pound.

Reserves fell last month to $14.42 billion from $15.53 billion in June, according to central bank figures released on Tuesday.

They were pulled lower by the government's repayment of a $1 billion eurobond and a $607 million payment to Paris Club lenders, the bank said on its website.

No comments:

Post a Comment