CAIRO (AP) — The
Central Bank of Egypt says the country's foreign currency reserves are at a "critical" minimum level.
The
bank says reserves are at the minimum level needed to pay Egypt's
international obligations. It did not give a current figure. In
statistics from November, the reserves stood at $15 billion, less than
half what they were before last year's uprising, even with help of
deposits from Qatar.
The
bank said in a statement Saturday that it has introduced a new auction
system for buying and selling U.S. dollars after a rush by Egyptians to
sell the pound in exchange for dollars over concerns of devaluation.
Reserves
have tumbled since foreign investment dried up amid the country's
turmoil the past two years. Much of the reserves have gone toward
propping up the currency.
San Francisco Chronicle
No comments:
Post a Comment