Reuters: US Dollar Report: UPDATE 1-Egypt foreign reserves slide slows in Feb -c.bank

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UPDATE 1-Egypt foreign reserves slide slows in Feb -c.bank Mar 4th 2013, 13:43 Mon Mar 4, 2013 8:43am EST CAIRO, March 4 (Reuters) - A slide in Egypt's foreign reserves slowed sharply in February, central bank data showed on Monday, but remained at worryingly low levels as Cairo comes under pressure to secure an IMF loan. The central bank said on its website that reserves slipped to $13.5 billion at the end of last month from $13.6 billion at the end of January. February's drop was marginal compared with the $1.4 billion fall in January, which was exacerbated by a $650 million debt repayment to the Paris Club of creditor nations. However, reserves remain below $15 billion, a figure that would cover three months' exports and which economists typically regard as a minimum safe level. Reserves now stand at little more than a third of the $36 billion Egypt held immediately before the popular uprising that removed President Hosni Mubarak from power in February 2011. Egypt's Islamist government has produced an economic reform plan which it wants to use in negotiating the long-delayed $4.8 billion loan with the International Monetary Fund. Visiting U.S. Secretary of State John Kerry said at the weekend that it was "paramount, essential, urgent" that the Egyptian economy be put back on its feet and called for political parties to unite in supporting an IMF deal. The loan was agreed in principle in November but put on hold at Cairo's request during street violence.

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