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Egypt foreign reserves slide slows in February

A slide in Egypt's foreign reserves slowed sharply in February, central bank data showed on Monday, but remained at worryingly low levels as Cairo comes under pressure to secure an IMF loan.

 

The central bank said on its website that reserves slipped to $13.5 billion at the end of last month from $13.6 billion at the end of January. February's drop was marginal compared with the $1.4 billion fall in January, which was exacerbated by a $650 million debt repayment to the Paris Club of creditor nations. (AP)