Egypt’s foreign exchange reserves fell by around $ 825 million to $ 17.765 billion in November from $ 18.590 billion in October, the Central Bank of Egypt (CBE) announced on Sunday, their lowest level since an influx of funds from Gulf states after the July 3 ouster of Islamist President Mohamed Morsi.
The reserves stood at $ 15 billion in November 2012. Egypt’s foreign exchange reserves, which stood at $36 billion on the eve of the 2011 uprising against former President Hosni Mubarak, have been hit by political turmoil since his downfall.
On December 4th, the Central Bank Governor Hisham Ramez said in a keynote speech at the Gulf-Egyptian Investment Forum that Egypt’s foreign currency reserves would record a slight decline during November, 2013 compared to a month earlier.
The values of Egypt’s net foreign reserves held by the Central Bank of Egypt during the last two years are as follows:
|
Month |
Value (US$ Bln) |
|
December 2010 |
36.005 |
|
January 2011 |
35.007 |
|
February 2011 |
33.321 |
|
March2011 |
30.106 |
|
April 2011 |
28.024 |
|
May2011 |
27.228 |
|
June2011 |
26.564 |
|
July2011 |
25.706 |
|
August 2011 |
25.008 |
|
September 2011 |
24.009 |
|
October2011 |
22.071 |
|
November 2011 |
20.1 |
|
December 2011 |
18.119 |
|
January 2012 |
16.3 |
|
February 2012 |
15.7 |
|
March 2012 |
15.1 |
|
April 2012 |
15.2 |
|
May2012 |
15.515 |
|
June 2012 |
15.533 |
|
July2012 |
14.442 |
|
August 2012 |
15.127 |
|
September 2012 |
15.042 |
|
October 2012 |
15.483 |
|
November 2012 |
15.035 |
|
December 2012 |
15.014 |
|
January 2013 |
13.613 |
|
February2013 |
13.508 |
|
March 2013 |
13.424 |
|
April 2013 |
14.4264 |
|
May 2013 |
16.039 |
|
June 2013 |
14.921 |
|
July 2013 |
18.88 |
|
August 2013 |
18.916 |
|
September 2013 |
18.709 |
|
October 2013 |
18.590 |
|
November 2013 |
17.765 |
