"The Who once sang, “We won’t get fooled again”, and this is the message we should keep sending to the individuals mismanaging Egypt. I’ll tell you about just one of their tricks to try and fool you: Egypt’s foreign currency reserves figures.
Egyptian officials may have conveyed an appearance of organisation by releasing to the media monthly figures for gross reserves, but they have been reluctant to tell you the whole truth.
Gross reserves climbed to $16 billion at the end of May 2013, the highest point since February 2012 but look closer and not all is what it seems. This figure has been inflated by massive short-term borrowing and other activities. Behind these headline numbers, Egypt’s effective reserve level tells a very different story."
'via Blog this'
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