Egypt's foreign reserves rise to $26.363 bln at end of January

 05 Feb 2017 - 18:28

Egypt's foreign reserves rise to $26.363 bln at end of January

Reuters

CAIRO: Egypt's net foreign reserves rose to $26.363 billion at the end of January, up from $24.265 billion at the end of December, the central bank said on Sunday.

The country had roughly $36 billion in reserves before its 2011 uprising ushered in a period of political turmoil, scaring off tourists and foreign investors, key sources of hard currency.

The central bank floated the Egyptian pound in November as part of economic reforms aimed at reducing a budget deficit and balancing the currency market. The move helped Egypt clinch a $12 billion three-year loan from the International Monetary Fund.