Follow the latest in economic news and developments about the Arab transition countries.
Egypt’s foreign reserves slightly fall in October to $18.6 billion
The Central Bank of Egypt announced today that Egypt’s net international reserves dropped $119 million in October 2013 to $18.6 billion. The fall in international reserves’ second consecutive drop as they slipped by $200 million in September after the CBE held its largest exceptional auction early September, selling $1.3 billion of its foreign reserves to cover strategic imports such as wheat, meat, and cooking oil. [Reuters]
World Bank donates 4.7 million dollars to Tunisia
Development and International Cooperation Minister Lamine Doghri and Director of the Maghreb and Middle East Department at the World Bank (WB) Simon Gray signed, on Tuesday, a donation agreement worth 4.7 million dollars, as part of the transition fund established within the framework of the Partnership of Deauville. [TAP]
Yemen July inflation eases to 12.8 percent
Yemen’s annual inflation eased to 12.8 percent in July, the lowest level since February, as an increase in food prices moderated, central bank data showed on Thursday. Inflation hit a peak of 25 percent in October 2011, then fell as low as 5.5 percent last November as the economy showed signs of revival after two years of political unrest. But price growth bounced back again to hit a 16-month high of 14.5 percent in June this year, mainly because of higher prices for food, tobacco and the stimulant qat. [Reuters]
Yemenis feel the pinch of labor crackdown in Saudi Arabia
Yemenis are feeling the pinch of the Saudi government’s crackdown because their businesses have remained closed since raids started Monday. An estimated 800,000 to 1 million Yemenis live in the Kingdom, remitting about $2 billion annually, which is a major source of foreign currency for their ailing economy. The Yemeni community reportedly has the highest number of visa violators and infiltrators in the Kingdom. [Arab News]
Also of Interest:
Egyptian oil minister: Butane gas crisis due to black market traders | Youm7
Jordanian real estate prices up | Nuwire Investor
Libya’s teachers on strike over worsening economy | SFGate
Libya moving towards becoming tourist hotspot of the future | The Guardian
Advancing education in MENA: Crescent Enterprises partners with EFE | Zawya DJ
MENA SMEs hold positive outlook for trade | Zawya DJ
IFC expects $1 trillion investments in EMENA region | DNE
Islamic Development Bank approves $5 billion in spending for 2014 | CPI