Egypt foreign reserves declining

The total reserves of the foreign exchange in the Central Bank of Egypt declined from U.S. $33.3 billion last February to U.S. $25.7 billion in July. The reserves cover 6.2 months of Egypt’s imports of goods, according to a new report.

The report stated the foreign exchange covered 8 months since February and 7.3 months since March.

The decline of the number of months covered of reserves to 6 months puts the bank at risk, according to a prominent principal at CBE.