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Egypt posts drop in foreign reserves

Egypt’s central bank has said the country’s foreign reserves dropped to $16.678bn at the end of June from $17.284bn in the previous month, Reuters has reported. Reserves fell sharply after a 2011 uprising that ousted President Hosni Mubarak, but rose last year when Gulf Arab states gave billions of dollars of aid after the army deposed elected President Mohamed Mursi. Reserves stood at about $36bn before the 2011 revolt.