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Egypt's foreign reserves dropped by $449 million in November, the central bank said on its website on Thursday. Net international reserves were $15.035 billion at the end of November, down from $15.484 billion at the end of October. The growth in October reserves was largely attributed to the second tranche – worth $500 million – of a promised $2 billion deposit by Qatar into Egypt’s central bank. The Central Bank of Egypt received the first tranche of $500 million in August. The reserves had inched up at the end of April for the first time since the January 2011 uprising, reaching $15.21 billion. The reserves have plunged by more than half since the uprising, which scared away tourists and investors, two of Egypt's main sources of foreign currency.
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