Egypt's Central Bank says the country's net foreign reserves dropped again in February, but by less than any month since the uprising a year ago that toppled President Hosni Mubarak. The bank says US$640 million flowed out of the country last month. Figures posted on the bank's website Sunday show net foreign reserves at US$15.71 billion at the end of February, compared to US$16.35 billion in January. Egypt's net international reserves were down 50 percent year-on-year by the end of December 2011, raising questions about how the country could cope with a widening deficit alongside worries over the balance of payments. Egypt is discussing a US$3.2 billion loan with the International Monetary Fund. Egypt's government sees the loan as a necessary financial boost because of the country's ongoing economic crisis.
