Revelation 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
Egypt’s foreign currency reserves took a major hit in January falling 10%.
Egypt’s central bank said that reserves fell $1.4 billion during the month as political unrest and violent protests start to have a major impact on the government’s ability to collect funds. The dip raises significant concerns about the stability of the Muslim Brotherhood-led government.
The central bank gave no official government explanation for the fall.
Economists, however, say the dip shows the impact the protest are having on Egypt’s tourism industry. Tourism is the source of most of the country’s foreign currencies. The protests are also causing a downturn in foreign investment.
Shipping has been crippled by protests in the cities of Port Said and Suez along the Suez canal. The central bank has said December’s level of $15 billion in reserves was enough to cover only three months of imports should the ports be completely closed by striking workers.
The country’s reserves were $36 billion before the overthrow of Hosni Mubarak
Egypt has been in talks with the International Monetary Fund for a loan of $4.8 billion to stop the slide in their financial reserves. They are also seeking help from the U.S., European Union and the African Development Bank.
