Weathering the storm

Figures released this week show that Egypt's foreign exchange reserves fell by $600 million in November to $34.4 billion, the first decline in four years. Foreign Direct Investment (FDI) almost halved in the first quarter of the current fiscal year, falling to $1.6 billion compared to $3 billion a year earlier. The government lost $3.5 billion on its investment portfolio, mostly treasury bills. The economy still grew at a rate of 5.8 per cent during the first quarter of 2008/ 09, though this is down from 6.5 per cent for the first quarter of the previous year.

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