Egypt forex reserves hit $18bn in December, down 50% on year

Country's foreign currency reserves fall to $18bn at year's end, down from $36bn exactly one year ago

Egypt's net foreign reserves fell to $18.12 billion as of the end of December, down some $2.03 billion from the previous month, the Central Bank of Egypt announced on Thursday.
The decrease represents the largest monthly drop in Egypt's foreign currency reserves since the January 2011 popular uprising that led to the ouster of former president Hosni Mubarak.
In November, the country's net foreign reserves fell by some $1.95 billion.
2011 saw Egypt's total reserves, which had stood at $36.01 billion exactly one year ago, cut in half. In the 12 months since the popular uprising, the national economy has been hit by declining tourism revenues and investment outflows resulting from sporadic political unrest.