ECONOMY

Egypt’s foreign reserves fall to $15.88 bln at end-Nov.

Foreign reserves fell sharply after the 2011 uprising that ousted President Hosni Mubarak. (File Photo: Reuters)

Egypt's foreign currency reserves fell to $15.88 billion at the end of November from $16.91 billion the previous month, the central bank said on Sunday, the first decline in six months.

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 Mohammad Mursi last year.

In November, Egypt repaid to Qatar a $2.5 billion central bank deposit received under Mursi, which some traders had warned could have an impact on reserve levels.

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

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Last Update: Sunday, 7 December 2014 KSA 21:46 - GMT 18:46
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Egypt’s foreign reserves fall to $15.88 bln at end-Nov.
Egypt's foreign currency reserves fell to $15.88 billion at the end of November from $16.91 billion the previous month
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