CBE: Egypt’s Forex Reserves Dip to $17.8 bln in Nov

Egypt’s foreign exchange reserves fell by around $ 825 million to $ 17.765 billion in November from $ 18.590 billion in October, the Central Bank of Egypt (CBE) announced on Sunday, their lowest level since an influx of funds from Gulf states after the July 3 ouster of Islamist President Mohamed Morsi.

The reserves stood at $ 15 billion in November 2012. Egypt’s foreign exchange reserves, which stood at $36 billion on the eve of the 2011 uprising against former President Hosni Mubarak, have been hit by political turmoil since his downfall.

On December 4th, the Central Bank Governor Hisham Ramez said in a keynote speech at the Gulf-Egyptian Investment Forum that Egypt’s foreign currency reserves would record a slight decline during November, 2013 compared to a month earlier.

The values of Egypt’s net foreign reserves held by the Central Bank of Egypt during the last two years are as follows: