VOL. XLIII

No. 24

12-June-2000

EGYPT

Egypts Foreign Reserve Decline Starts To Taper As Economic Outlook Improves

Egypts foreign currency reserve decline tapered through February with the Central Bank of Egypt (CBE) less reliant on foreign reserves to support the Egyptian pound/US dollar exchange rate. In addition, the improvements in tourism revenues and the increase in Suez Canal receipts are expected to bolster the countrys currency reserves. Foreign reserves fell by roughly $77mn to $15.09bn...