Egypt rate of Forex reserve fall could slow - report

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Egypt's Central Bank.

Egypt's Central Bank.

The rate of decline in Egypt's foreign reserves could fall next month, Central Bank Governor Hisham Ramez was quoted as saying on Sunday.

In comments to Al-Shorouk newspaper, Ramez added he expected the government would present its economic reform plan to the International Monetary Fund within a week in a step towards concluding an agreement for a US$4.8bn loan.

Egypt's foreign exchange reserves hit US$13.6bn in January, compared to $36 billion on the eve of the 2011 uprising that ousted former President Hosni Mubarak.

Reserves have been hit by political turmoil that has scared off investors and tourists. They are now less than the amount needed to cover three months of imports.

"The rate of decline in foreign reserves could be lowered next month," Al-Shorouk newspaper quoted Ramez as saying. It did not give a direct quote.

Ramez said Egypt would present its economic reform plan to the IMF in a week after it discusses it with "the people and political parties".

The IMF signed a preliminary agreement with Egypt in November, but ratification was postponed at Cairo's behest in December following the eruption of a new wave of political unrest.

Diplomats say an IMF deal could unlock up to US$12bn in extra funding from a range of sources including the World Bank, the European Union, the United States and Gulf Arab countries.

The Egyptian pound has lost 14 percent of its value since the 2011 revolt, with more than 8 percent of the decline occurring since the end of December.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

2
Q&A with Dubai Chamber

Q&A with Dubai Chamber

We spoke with Essa Al Zaabi of Dubai Chamber of Commerce to find...

The politics of big data

The politics of big data

The UAE may be one of the fastest adopters of e-government initiatives...

Most Discussed
  • 9
    UAE teens among the highest for obesity rates

    @MT3 I forgot to add that of course this is assuming that the UAE moves toward a single payer model, something that I think has never been considered ... more

    Thursday, 28 August 2014 8:36 PM - Telcoguy
  • 9
    Smoke-free Dubai - the big debate

    Surprisingly the only studies that show a negative financial impact of the smoking ban on the hospitality industry are sponsored by tobacco companies ... more

    Wednesday, 27 August 2014 4:19 PM - Telcoguy
  • 3
    Saudi Arabia said to shelve plan for shorter working week

    It is working fine in the other gulf countries. In Oman, it is working very well and people, including business owners, adapted. Prices did not significantly... more

    Thursday, 28 August 2014 6:23 PM - Tariq AD