Egypt’s net foreign reserves rose slightly to US$42.611 billion at the end of March, from $42.524 billion at the end of February, the Central Bank of Egypt (CBE) said on Monday. The country’s foreign reserves have been climbing since the country secured a three-year $12 billion loan from the International Monetary Fund (IMF) in November 2016 as part of an effort to attract foreign investors and revive Egypt’s ailing economy. Reserves had dropped to about $19 billion before Egypt signed the IMF deal, before Egypt floated the currency and lifted capital controls to lure back investors. Bankers say that witnessing net international reserves jumping to a new level will increase investor confidence and narrow the funding gap. Elsewhere, Egypt’s foreign debt rose to $80.8 billion by the end of September.

Source: Egypt Independent April 02, 2018 12:00 UTC