Local Indebtedness Reaching L.E. 1.183 Trillion in March

Total local indebtedness by the end of March 2012 has reached L.E. 1.183 trillion ($ 196 billion) marking L.E. 50 billion increase above its level 3 months ago. The issue represents one of the main challenges (together with inflation and foreign trade deficit) facing the Egyptian economy at the present stage. Meanwhile the Central Bank has further revealed, in a report quoted in the media, that foreign currency reserves at the bank increased (for the second consecutive month) by the end of May 2012 to reach $ 15.5 billion up from $ 15.2 billion by the end of April 2012 and from $ 15.1 billion by the end of March 2012.