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.
- Tunisian, Moroccan Chambers of Commerce meet to discuss economic partnership
- Winter wonderland: Dubai debuts Aspen Chalets with view of Ski Dubai
- Egyptian economic experts predict inflation rate will continue to climb
- Shoura Council: Expats cannot buy property in Mecca, Medina, Riyadh
- Tensions increase between Egypt, Italy over renewable energy projects
- Three times is not always a charm: Egypt's foreign reserves dip for third month
- 'Mostly soft': Gulf markets consolidate as oil dips
- It's that time of the year again: Egypt starts annual purchase of local wheat
- Baghdad rejects Egyptian financing request
- Egyptian pound slides again as former minister claims currency controls are temporary