Egypt’s Foreign Reserves Fell To US$ 13.6 Bln, Registering Record Since 1990s

Egypt’s foreign reserves retreated to US$ 13.613 billion at the end of last January, compared with US$ 15.014 billion, registering a decline of US$ 1.4 billion (9.3%).

This value registers a record since 1990s as foreign reserves has fallen for the first time below US$ 14 billion since 2000.

Experts affirmed that the sharp drop in foreign reserves does not pose a threat to the country as Egypt had at times acquired foreign reserves worth US$ 8 billion. Losing foreign reserves for successive months without being compensated is what will threaten economy, they warned.

The values of net international reserves held by the Central bank of Egypt since 2000 are as follows: