Fitch: Decline in Egypt foreign exchange reserves a concern

Fitch Ratings said the slowing pace of the fall in Egypt's foreign exchange reserves in February is encouraging, but the continuing erosion of reserves remains a source of concern.

Net official reserves were $15.72 billion at the end of February, the Central Bank of Egypt said on Monday, representing a fall of around $630 million from January. That compares favorably with the much larger declines in preceding months, but it would be premature to interpret it as a sign that FX reserves have stabilized, Fitch said, adding that the continuing fall in reserves is ratings negative.

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