Egyptian reserves fall by more than 50% to $15bn

egyptian money

Foreign reserves held by the Central Bank of Egypt stood at $15.04 billion at the end of September 2012, according to provisional data posted on the central bank's website. This represents a fall of some $21 billion in reserves from the $36 billion held by the central bank in January 2011, according to an official at the central bank.

Egypt has relied on the use of foreign reserves and high interest rates to stabilise the economy and its currency, the Egyptian pound, during the past 18 months

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