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Egypt Macro Flash<br />
�FOREIGN RESERVES RISE IN JUNE ON GOLD REVALUATION<br />
Source: Bloomberg, <strong>June</strong> 9, <strong>2012</strong><br />
Net international reserves did not see much change in <strong>June</strong> at USD15.5 billion (up only USD18 million) as an<br />
increase in gold holdings made up for a drop in foreign currencies. The value of gold holdings increased by<br />
USD0.6 billion to USD3.3 billion, according to provisional data on the Central Bank of Egypt (CBE) website.<br />
Foreign currencies declined to USD10.9 billion from USD11.5 billion in the previous month, the data show.
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