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Egypt foreign reserves dip in August.

CAIRO: Egypt's net foreign reserves slipped to $25.01 billion last month from $25.71 billion in July, figures on the central bank's website showed.

Net foreign reserves, which have been falling since the January 25 uprising, were at $35.53 in August 2010.

In August, economists said there was a slowdown in the rate of the decline which may now suggest the worst of the capital flight since the uprising to topple Hosni Mubarak was over.

Foreign reserves had stood at $26.57 billion at the end of June, indicating a fall of $859 million in July.

"The rate of decline is seen to have stabilized and the worse of the capital outflows is probably behind us," Liz Martins, a senior economist in HSBC, previously told Reuters.

Daily NewsEgypt 2011

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Publication:Daily News Egypt (Egypt)
Date:Sep 6, 2011
Words:139
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