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Egypt Foreign Reserves May Drop by a Third by End-June, Mal Says

Egypt’s foreign-currency reserves may drop to $10.4 billion at the end of June, compared with $15.7 billion in February, Al Mal reported, citing the assistant defense minister for financial affairs.

Mahmoud Nasr said he forecast economic growth to be about 2 percent during the current fiscal year, which ends June 30, and the next, the newspaper said. He defended the armed forces’ economic projects and said the military has supported the North African country’s economy with about 12.2 billion Egyptian pounds ($2 billion) since last year’s protests began.

Egypt’s international reserves have plunged by more than half since the uprising against Hosni Mubarak and the economy is struggling to recover from a drop in investment and tourism.

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