The political crisis in Egypt is causing a run on the dollar, the head of the foreign exchange department at Egypt's Chambers of Commerce told Reuters. His offices can only provide 20 percent of the dollar orders they receive. The local Egyptian pound has dropped over 8 percent against the dollar in the past two months and drained foreign reserves. Reuters reports Egypt's foreign reserves fell to $13.6 billion at the end of January - below the key $15 billion level needed to cover three months of imports. They stood at $36 billion on the eve of the uprising against Mubarak.
Dollars Are in Short Supply in Egypt
UPDATED 5:16 AM EST, February 19, 2013