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Egypt to Start Foreign Exchange Auctions
as Reserves Plunge

Bloomberg.com, by Mariam Fam

Original Article

Posted By:MattMusson, 12/30/2012 10:26:30 AM

Egypt’s central bank will start foreign-exchange auctions tomorrow in order to preserve foreign reserves after they plunged to “minimum and critical” levels. The North African nation’s central bank said the sales and purchases of U.S. dollars will take place periodically and aim to “preserve foreign-currency reserves and ration their use,” according to an e-mailed statement today.

Comments:
FAMINE. Egypt imports half of what they eat. Without foreign currency they will starve. So, look for the heads of Egypt to come to the US with a hand out.

Note: Before the Arab Spring - trade with Israel and tourism were Egypt´s two biggest sources of foreign currency.

      


Post Reply  

Reply 1 - Posted by: MDConservative, 12/30/2012 10:57:46 AM     (No. 9089989)

How long before they franchise the Sphinx and Pyramids to some Dubai developer?

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Reply 2 - Posted by: Blackeagle, 12/30/2012 11:40:45 AM     (No. 9090050)

Sorry #1. but the Islamists are planning to destroy those Godless monuments. Just as they are currently destroying similar things in Timbuktu - and years ago in Afghanistan.

The pyramids may require a lot of explosives but the remaining monuments are far more fragile.

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Reply 3 - Posted by: otronome, 12/30/2012 12:10:49 PM     (No. 9090088)

The auction that matters is Morsilini´s dealings with Iran and the Saudi bloc.

The announcement to support Shiite Hezbollah didn´t come for free. The blind eye to smuggling into Gaza has a price.

Conflagration coming and DumBHO will do whatever is against US interests at the end of the day

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Reply 4 - Posted by: MattMusson, 12/30/2012 3:24:25 PM     (No. 9090318)

Egypt is the New Somalia.

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Reply 5 - Posted by: Grambo, 12/30/2012 5:11:35 PM     (No. 9090398)

The socialist experiment once again yields the same result.

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