Egypt Foreign Reserves Slip to $14.42 Billion in JulySource: Ahram Online 8/7/2012, Location: Africa |
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Egypt's foreign currency reserves have resumed their steep decline, falling to $14.42 billion in July from $15.53 billion in June, according to figures from the central bank. Reserves saw a mild climb of around $13 million in June, mirroring mild gains in April and May, their first since the January 2011 uprising began. The figure has plunged by more than half since political turmoil scared away tourists and spooked foreign investors, both major sources of foreign currency.
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