Egypt’s Foreign Reserves Fall by US$550 million at December-end

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Egypt’s foreign currency reserves fell to $15.332 billion at the end of November from $15.88 billion a month earlier, the central bank said on Tuesday.
Foreign reserves fell sharply after the 2011 uprising that ousted President Hosni Mubarak but had risen again on the back of billions of dollars of Gulf Arab aid that has flooded into Egypt since the army overthrew elected Islamist President Mohamed Morsi last year.

On December 11th, Egypt’s central bank decided to add a fourth weekly auction of $40 million on Sundays, as the government tries to curb a growing currency black market.

Reserves stood at about $36 billion before the 2011 revolt.

The values of Egypt’s foreign reserves held by the Central Bank of Egypt during 2014:

Month

Value (US$ Bln)

January

17.104

February

17,307

March

17.414

April

17.489

May

17.283

June

16.687

July

16.736

August

$16.835

September

$16.871

October

$16.909

November

$15.88

December

$15.332

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