Egypt's net foreign reserves plunged a further US$1.95 billion in November, their worst drop since April, according to a statement on the central bank's website. Reserves now sit at $20.15 billion, down from $22.1 billion at the end of October. It was the latest and most drastic in a series of plunges, as Egyptian continues to be hit by a decline in tourist revenues and investment outflow. Last Thursday, a representative of Egypt's ruling military predicted the country's reserves will fall to $15 billion by the end of January.
