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Egyptian foreign exchanges reserves fall
Published in Youm7 on 03 - 11 - 2011

CAIRO: Foreign exchange reserves in Egypt declined by U.S. $2 billion (11.9 billion EGP) in October to $22.07 billion (131.1 billion EGP) from U.S. $24 billion (143 billion EGP) in September, the Egyptian Central Bank said Thursday.
Since the beginning of 2011, foreign exchange reserves have declined by U.S. $14 billion.
Official reserves and foreign cash liquidity reached U.S $25.6 billion (152.6 billion EGP) at the end of August, decreasing by U.S $400 million (2.4 billion EGP).
The decline of foreign-exchange reserves is one of main factors affecting Egypt's credit rating, according to Moody's Global Capital Markets.


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