Egypt's international reserves dip again
The reserves have plunged by more than half since the January 2011 uprising when they stood at around $36 billion.
Egyptian Planning Minister Ashraf El-Araby stated from Dubai on Tuesday that the government aimed to up reserves to $16 billion by the end of the current fiscal year in June, significantly lower than a previously announced target of $19 billion, according to Reuters.
Last week an Egyptian delegation went to Iraq seeking a $4 billion deposit in the CBE. The request was rejected by Baghdad as "too risky." Talks are continuing over a smaller deposit.
- Eyes on the Cityscape: Mongolia, out of all places, is set to woo Middle East investors
- The rise of dollar: aka the downfall of oil markets?
- You don't need to be Muslim to practice? Why Goldman Sachs' sukuk sales worked so swell this around
- Erdogan's ready to smear the banks: is Turkey about to face a financial crisis worse than that of 2001?
- An economic slowdown? The pros and cons of Israel's weakening shekel