Egypt Reserves Plunged 50% in 2011, Fueling Currency Concern
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Egypt’s international reserves fell for a 12th month in December, sending bond yields to a record high and fueling investor concerns about a currency devaluation.
Reserves declined to $18.1 billion from $20.2 billion in November, the bank in Cairo said today on its website. They stood at $36 billion a year ago, before the start of the revolt that ousted President Hosni Mubarak. Central bank support has helped cushion the impact of political turmoil on Egypt’s pound.