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Main Goods Imports Drive Egypt's Foreign Reserves Down By US$ 84 Mln
Published in Amwal Al Ghad on 04 - 04 - 2013

The Central Bank of Egypt's foreign reserves fell US$ 84 million to reach US$ 13.424 billion at the end of last March, compared to US$ 13.508 billion at the end of last February.
CBE announced from days that it used US$ 1.3 billion for imports including basic commodities and petroleum. Despite that, the reserves of foreign currency at the central bank did not fall significantly in March, thanks to good management of foreign currency resources and uses.
Through the auctions the government is rationing its supply of dollars and giving priority to importers of essential goods, including supply commodities, petroleum materials, pharmaceuticals, fertilizers and pesticides as well as intermediate machines, equipments and goods.
CBE had earlier revealed that it US$ 35 billion had gone towards the country's main requirements during the period from January 2011 to December 2012 as follows: US$ 14 billion for petroleum imports, US$ 8 billion for foreign debt repayment and US$ 13 billion for foreigners disinvesting from the local debt market. Accordingly, the country's foreign reserves fell from US$ 36 billion at the beginning of January 2011 to low levels.
The value CBE's gold reserves reached US$ 3.3 billion, while its foreign currency liquidity reached US$ 8.9 billion at the end of last January.
The values of net international reserves held by the Central bank of Egypt since December 2010 are as follows:
Month
Value in US$ Billion
Month
Value in US$ Billion
December 2010
36.005
February 2012
15.7
January 2011
35.007
March 2012
15.1
February 2011
33.321
April 2012
15.2
March 2011
30.106
May 2012
15.515
April 2011
28.024
June 2012
15.533
May 2011
27.228
July 2012
14.442
June 2011
26.564
August 2012
15.127
July 2011
25.706
September 2012
15.042
August 2011
25.008
October 2012
15.483
September 2011
24.009
November 2012
15.035
October 2011
22.071
December 2012
15.014
November 2011
20.1
January 2013
13.613
December 2011
18.119
February 2013
13.508
January 2012
16.3
March 2013
13.424


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