The value of Egyptian foreign currency reserves has gradually declined over the past few years, according to Al-Hayat daily.
Egypt’s reserves dropped from $20.22 billion in December 1997, to $20 billion in December 1998, and from $15.63 billion in December 1999 to $14.38 billion in December 2000. In March 2001, reserves stood at $14.12 billion.
Despite the decline, the Central Bank of Egypt issued a positive statement regarding the present state of the reserve. According to the bank, currency reserves stood at a steady $14.1 billion during the first nine months of fiscal year 2000/2001.
Commentators attribute the reduction in direct foreign investment to the results of the slowdown of the Egyptian privatization program, as well as to the government's efforts to peg the Egyptian pound to the U.S. dollar. – (MENA Report)
© 2001 Mena Report (www.menareport.com )