Egypt's net foreign reserves fell to $16.35 billion by the end of January 2012, down some $1.77 billion on the previous month, a statement on the Central Bank of Egypt's website said on Tuesday. The country's reserves stood at $18.12 billion at the end of December. 2011 saw Egypt's total reserves, which stood at $36.01 billion exactly just before the revolution, 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.
