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Mohamed Morsi

Egypt's foreign reserves fall as devaluation expected

Egypt's foreign currency reserves fell for the third consecutive month in September, according to central bank figures, putting pressure on authorities to devalue the currency, limit non-essential imports and take urgent steps to promote investment. Reserves dropped 9.7% to $16.3 billion from the previous month, the lowest since March, after the central bank repaid $1.25 billion in loans that matured last month, the bank said Wednesday. "They are getting closer and closer to the critical level," said Hany Farahat, a senior economist at CI Capital in Egypt. "If reserves go below $15 billion with the current state, the pound will come under severe devaluation...