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Vol 54 No 7

Published 29th March 2013


No cash to count on

The failure of successive governments to get a grip on economic policy has left Egypt’s finances in a perilous state

In November, President Mohamed Mursi decided to give priority to consolidating his power base. The economic consequences are now becoming starkly apparent. Foreign exchange reserves excluding gold are down to US$8.8 billion and would be even lower had Qatar not made some large deposits in the Central Bank of Egypt at the end of 2012.

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