Egypt's forex reserves almost unchanged in November

Egypt's reserves inch up to $16.423 billion in November compared to $16.415 billion in October, announced the central bank on Thursday.

Egypt is struggling with depleting foreign currency reserves as its main sources of revenue - tourism, FDI and Suez Canal - were hit following the uprising against Hosni Mubarak in 2011.

Reserves stood at $36 billion before of the ousting of Mubarak.

Recently appointed Central Bank of Egypt governor Tarek Amer had met on Wednesday with President Abdel-Fattah El-Sisi to discuss the bank's plan to increase the dollar liquidity in the domestic market.

Amer was cited as saying in a presidency statement that the country's foreign reserves are reassuring and the current situation is stable and will see improvement.

The statement had announced an exceptional foreign currency auction is soon to take place, with investors uncertain as to where the sources of the hard currency is coming from.

Egypt is struggling with depleting foreign currency reserves as its main sources of revenue – tourism, FDI and Suez Canal – were hit following the uprising against Hosni Mubarak in 2011.