Middle East Economic Survey


No 50



Egypts Military Lends Central Bank $1Bn

The Egyptian military has lent the Central Bank of Egypt (CBE) $1bn, an aide to Field Marshall Husain Tantawi said on 2 December. The loan, which comes from income generated by projects operated by the armed forces, will be used to offset the slide in the countrys foreign exchange reserves, which according to the aide could fall from the current levels to $15bn by the end of next January....