Egypt foreign reserves dropped slightly in March

Egypt's Net International Reserves (NIR) fell by around $84 million in March to $13.42 billion, the Central Bank of Egypt (CBE) announced. The NIR has fallen by around $1.6 billion since the beginning of the year, raising fears the reserves would not be enough to cover the import of staple products. The reserves have plunged by more than half since the January 2011 uprising when they stood at around $36 billion.

Egyptian Planning Minister Ashraf El-Araby stated from Dubai on Tuesday that the government aimed to up reserves to $16 billion by the end of the current fiscal year in June, significantly lower than a previously announced target of $19 billion, according to Reuters. Last week an Egyptian delegation went to Iraq seeking a $4 billion deposit in the CBE. The request was rejected by Baghdad as "too risky." Talks are continuing over a smaller deposit.