CBE: Foreign reserve down to $15.03 bln in November

The Central Bank of Egypt on Thursday said foreign cash reserve decreased in November by 2.8 percent to hit 15.03 billion dollars compared to 15.48 billion dollars in October. The drop was promoted by growing imports due to the government's need to fulfill citizens' demands of petroleum products and companies' expansion of investment projects, Mohsen Adel, deputy head of the Egyptian society for finance and investment studies, said. He expected the foreign reserve to rise after Egypt receives new facilities from the African Development Bank and part of Qatar and Turkey's deposits. Adel warned of the current critical situation in Egypt which will harmfully affect foreign investments, exports and tourism. (MENA)