The Central Bank of Egypt (CBE) on Sunday said that foreign currency reserves rose by $1.2 billion to $38.209 billion by the end of January. Foreign reserves have been rising on a monthly basis since October 2016, according to the CBE. In July, foreign net reserves jumped to $36.036 billion, hitting pre-2011 levels for the first time since the 25 January uprising, with international net reserves increasing $4.7 billion in July alone. Egypt’s foreign reserves have been climbing since the country secured a $12 billion, three-year International Monetary Fund loan program in November 2016, shortly after the country decided to float its currency in a bid to lure back foreign investors and revive its ailing economy. The currency float resulted in souring inflation and a jump in prices on basic commodities, with some products recording over 50 percent price increases.

Source: Egypt Independent February 04, 2018 13:30 UTC