VOL. XLV

No 9

4 March 2002

EGYPT

Changes In Egypts Opaque ForeignExchange Reserve Figures Remain Perplexing

Questions continue to ariseregarding not only the extent to which Egypt has dug into its forex reserves ina bid to prop up the pound but also its willingness to produce timely andtransparent information in this respect. The most recently available statisticsare for November 2001 and reveal, to the surprise of economists and bankersalike, an aggregate rise. While reserves have been...