CAIRO: The Egyptian pound is trading at a seven-year low, after reserves fell for the eleventh month. Political unrest since the uprisings that deposed of former President Hosni Mubarak in February has led to a decline in tourism and foreign investment in the nation, plunging foreign currency reserves down 44 percent. The pound now trades for 6.0015 per US dollar, setting it at a seven-year low. Various aid packages have been on the table for discussion, set to ease the nation's increasing budget deficit. Mumtaz al-Saeed, Egypt's newly appointed finance minister, announced on Saturday that the country is not yet ready to negotiate with the International Monetary Fund (IMF) for a proposed $3.2 billion loan, set to aid Egypt in tackling its growing budget deficit. Egypt's rulers opted instead to work through a regional aid package, pledged by Saudi Arabia and the United Arab Emirates. Egypt has received about $500 million of a promised $7 billion from the gulf nations. BM ShortURL: http://goo.gl/kY8fB Section: Egypt
