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.
- United Arab Bank makes AED250,000 contribution to Al Thiqah Club for the Handicapped
- Opening up: is Saudi Arabia's stock market ready for an upgrade?
- Severe symptom of a savings gap? Turkey leads Europe in credit card debt
- Gulf stocks facing some serious 'downward pressures'
- Long-anticipated hike: Dollar on track for best annual gain in nine years