Egyptian banking official told Youm7 Egypt is scheduled to pay U.S. $700 million to the state of Paris Club next January, adding Egypt pays an installment of its debts every six months. He added Egypt paid July's installment from its foreign reserves, reaching only U.S. $22 million in October, according to declarations issued by Egypt's Central Bank. Egypt's foreign reserves witnessed a notable drop of U.S. $4 million in the beginning of 2011. The source added Egypt's Central Bank did not announce the position of foreign reserves during November. He added Egypt's Central Bank interferes in the foreign exchange market through dollar liquidity to create a balance of supply and a demand for foreign currency. He added the international reserves are used to cover deficit during economic and political crises. The source stressed the need to increase Egypt's production, in addition to restoring security and political stability to attract more investments and tourists, which will pave the way for confronting current economic challenges.
