Egypt’s foreign reserves jump to $38.2 bln in January

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.

The cash reserve stood at $37.019 billion at the end of December 2017.

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.

Edited translation from Al-Masry Al-Youm

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