Egypt reserves decline by $1.7B in January

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Egypt reserves decline by $1.7B in January

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Egypts foreign reserves stood at $16.35 billion in comparison last years $18.1 billion.

07 February,2012 08:37 pm

Egypts central bank says the countrys net international reserves dropped by more than $1.7 billion in January, continuing a slide that began in January 2011 with the uprising that ousted former President Hosni Mubarak.Figures posted on the banks website Tuesday showed the foreign reserves stood at $16.35 billion, compared to about $18.1 billion at the end of December. The reserves are now almost 55 percent below their level at the end of December 2010.Near daily protests since Mubaraks ouster have hammered the economy, with key foreign revenue sources such as tourism and foreign investment falling sharply amid investor unease with the fitful efforts to transition to a civilian government after the increasingly unpopular military took over.