Egypt Independent

Decline in foreign reserves continues



Decline in foreign reserves at the Central Bank continued through March to lose about US$84 million, according to the bank's website Thursday.

Foreign exchange reserves reached last March $13.424 billion, which currently cover less than three months of goods' imports. It had lost $105 million by the end of last February, the bank said.

The Central Bank confirmed recently it did not receive financial assistance from friendly countries during February and March. The bank did manage however to secure $1.3 billion last March to import the country's needs of petroleum products and supplies, and cover part of the imported goods essential to various sectors of the state.

Edited translation from Al-Masry Al-Youm