Egypt’s central bank: foreign reserves stand at $15 billion, enough for just 3 months’ imports

CAIRO – The Central Bank of Egypt says the country’s foreign currency reserves stand at $15.014 billion, enough to cover just three months’ worth of imports.

The central bank said last month that current reserve levels represent a “critical minimum.” Reserves were down slightly, $26 million, from November, according to the bank’s website on Sunday.

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The nation’s foreign currency reserves have dropped by more than half from $36 billion before the January 2011 uprising. The main factors are significant cuts in foreign investments and tourism.

On Sunday, 10 new ministers were sworn-in in a Cabinet shake-up aimed at improving the government’s handling of the country’s struggling economy and a rush on dollars by worried residents, spurring a devaluation of the Egyptian pound.