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Egypt's international reserves fall by $660 million in June, rate of depletion is slowing International reserves reached $26.56 billion but the rate of depletion is slowing, comparing well to previous months
Egypt's Central Bank (CBE) announced that the country's foreign reserves reached US$26.56 billion at the end of June, down from $27.22 billion in April, a decline of $660 million. This rate compares well to the fall of $800 million between April and May, and even more favourably to the plunge of around $2 billion seen between March and April. Foreign reserves have plummeted $8.5 billion since January as a consequence of the fall in revenue from vital sources of overseas currency, such as tourism and foreign investment. According to Hisham Ramez, CBE's deputy governer, Egypt needs around $51 billion of foreign currency to cover its annual needs, which translate to $4.25 billion monthly. The current level indicates that Egypt remains within safe limits and able to cover around six months of imports.The international average is for between six and nine months.
