Huge drop in Egypt net foreign reserves
Egypt's net foreign reserves dropped by US$ 1.69 billion in February. This was the biggest monthly decline in more than 10 years. The drop came amid the political unrest, which prompted the capital outflow and pressure on the Egyptian pound.
Analysts claim that this figure does not reflect the full range of capital flight from the Egyptian economy.
The Central Bank said on its website on Monday that the reserves fell to US$33.32 billion at the end of February, compared to US$35.01 billion a month ago.
The Central Bank intervened heavily on the 8th of February to support the Egyptian pound. Dealers have estimated the size of the intervention as "at least US$1 billion to US$ 1.6 billion."
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