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Foreign currency reserves at the Central Bank of Egypt by the end of March 2012 were put at $ 15.7 billion and that compares with almost $ 36 billion by the end of 2010. This was reported in the media quoting a responsible source at the Central Bank of Egypt indicating that the figure marks 3.9% decline only during March 2012 and that the figure includes gold reserves worth $ 3 billion. N.B. The above is no doubt reflecting facts yet there are other striking facts to be taken into consideration. On top of those are total deposits of Egyptians at the banking sector which were never touched but rather increased to plus/ minus L.E. 900 billion, coupled with the fact that Egyptian tax payers paid their public treasury for FY ending 6/30/2011 about L.E. 160 billion. Moreover, Egyptian expatriates remittances during year increased to $ 14.3 billion up from $ 12.5 billion and indicators for the first and second quarter of FY 2011/ 2012 are promising.
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