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Voice of the Copts, a nonprofit organization, fights the spread of Islamic supremacy and Sharia throughout the Western world through education, advocacy and action. By drawing attention to the suffering of Coptic Christians in Egypt, it endeavors to educate the Western world as to the chilling effect of Sharia (Islamic law). Founded in 2007 by Dr. Ashraf Ramelah, Voice of the Copts focuses on three key issues: freedom of religion, cultural identity and women’s rights.
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Egypt foreign reserves drop in Jan by $1.4 bln: central bank
- Details
- Category: News
- Created on Tuesday, 05 February 2013 10:23
- Written by AFP
Egypt central bankEgypt’s foreign reserves fell by almost 10 percent to $13.6 billion in January, the Central Bank of Egypt said in a statement on Tuesday published by the official MENA news agency.The bank said “foreign reserves fell heavily by $1.4 billion to $13.61 billion in January, from $15 billion in December,” the agency reported. The statement gave no reason for the fall.
Despite an influx of $5 billion in aid from Qatar in the form of grants and loans over the past year, the reserves have continued to drop.
MENA quoted an economics expert saying the decrease since December was partly due to Egypt paying interest on foreign loans and a drop in tourism revenues due to continuing political unrest.
The bank had also made dollars available to the government to import food and oil products, and sold dollars to banks in auctions in a controlled devaluation of the Egyptian pound.
The bank had warned last month that its reserves had reached critical levels as political turmoil forced the government to postpone subsidy cuts and finalizing a deal with the IMF for $4.8 billion in aid.
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