Egypt's foreign reserves drop dramatically
Egypt's Central Bank revealed yesterday that net foreign reserves fell by $1.4 billion in January
As of the end of December, net reserves had stood at $15.014 billion, down $21 million on the previous month.
In January, the CBE, for the first time, announced how foreign currency injections made in 2011 and 2012 had been allocated.
In a report, the bank noted that it had made $36 billion available for four major spending items – including petroleum and wheat purchases – during the two years in question.
In 2011 alone, according to the report, the bank provided a total of $21 billion, some half of which was intended to cover capital flight.
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