Egyptian Foreign Reserves Decline Slows, Giving Time to IMF
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Egypt’s foreign-currency reserves declined in February by the smallest amount in more than a year, giving the Arab country additional time to secure a $3.2 billion loan from the International Monetary Fund.
Net official reserves fell about $640 million to $15.7 billion, according to central bank data released today. The average estimate of six economists surveyed by Bloomberg News was for a $1.1 billion decline.