Egypt's foreign reserves jumped to $23.058 billion at the end of November from $19.041 billion a month earlier, the central bank said on Monday, continuing its strategy of building reserves after floating the currency last month. The announcement was the first official reserve figure since the Egyptian pound was devalued on Nov. 3 in a bid to restore investor confidence and encourage foreign currency inflows. "The position of Egypt's central bank is improving," said Hany Farahat, economist at CI Capital. "Aside from the outflows of pre-determined commitments, we expect that international reserves will continue to improve on the back of the gradual recovery of foreign inflows," he said. The currency flotation was one of a series of economic reforms aimed at reducing the budget deficit and balancing the currency market.

Source: Egypt Independent December 06, 2016 08:03 UTC