CBE: Foreign Currency Reserve down to $14.9bn in June

The Central Bank of Egypt (CBE) announced that foreign reserve has declined to reach $14.9bn in June 2013.

Economic expert Mohsen Adel said that the decrease is due to Egypt's payment of its financial dues to Paris club amounting $700mln and importing of petroleum products.

He added that in June 2013, Egypt did not receive any aid or new loans which caused the foreign reserve to decrease and this is deemed an exceptional thing in the last six months and that the State could not restore its sources of foreign currency which come from tourism, exports and direct foreign investments.