According to the Egyptian Central Bank, Egypt’s foreign currency reserves fell to $15.33 billion at the end of December from $15.88 billion the previous month. Foreign reserves fell sharply after the 2011 uprising but had risen again with the inflow of billions of dollars of aid from the Gulf countries. In November, Egypt repaid to Qatar a $2.5 billion central bank deposit received under former president Mohamed Morsi, which according to some traders could have a negative impact on reserve levels.
[Reuters, 1/6/2015]
Libya: Higher inflation in third quarter
The most recently published figures from the Central Bank of Libya show that the country’s Consumer Price Index increased more strongly in August and September last year. Annual inflation rose from 0.8 percent in July to 3 percent in August and 2.4 percent in September, the most recent month for which data is available. Earlier in 2014 inflation had been negative, dipping to -0.9 percent in March and April. [Libya Monitor (subscription), 1/6/2015]
Jordanian house panel needs two weeks to finish budget bill review
The parliamentary Finance and Economic Committee needs at least two more weeks to complete a review of the 2015 draft state budget law. The government sent the law to the Lower House on November 24. According to the head of the panel there is no provision in the constitution or in the Lower House’s rules of procedures obliging the committee to abide by a fixed time to finish budget laws. A major dispute in the committee reportedly focuses on the $100 the government used as the base price for oil in the budget. [The Jordan Times, 1/6/2015]
Also of Interest:
The ISIS economy: Meet the new boss | FT
Oil tanker bombed at libyan port as supply threat increases | Bloomberg
Tunisia deserves increased western engagement and assistance | Forbes
Egyptian business sees fastest growth in three months in December | Ahram Online
Egypt to issue $1.5 billion dollar-denominated bonds in global markets | The Cairo Post
Cairo stops subsidies to farmers of cotton, once Egypt’s “white gold” | Reuters
Yemen, Morocco discuss bilateral cooperation | SABA
Syrian president underlines need to boost economic relations with Iran | Global Times