CAIRO (AP) Egypt's net foreign currency reserves fell by around $825 million in November, the country's central Bank reported Sunday, the sharpest drop since a large injection of aid from Gulf countries five months ago.
The Central Bank of Egypt reported the foreign currency reserves stood at $17.76 billion by the end of last month. It was the third successive fall since July, when Egypt received major Gulf aid pledges, boosting state coffers to $18.8 billion their highest level in almost two years.
Mohamed Abu Basha, an economist with Egypt's largest investment bank EFG-Hermes, said a Qatari deposit of $500 million had expired and the Gulf state didn't want to extend it, causing the sharp drop in reserves in November.
Qatar was the main backer of the country's Islamist President Mohammed Morsi, ousted in a popularly-backed coup in July. Qatar had propped up the economy with some $8 billion in aid during Morsi's one year in office.
Following his ouster, Egypt's reserves were boosted after Saudi Arabia, the United Arab Emirates and Kuwait pledged a total of $12 billion dollars in a mix of grants cash deposits.