Egypt’s foreign reserves reached $42.611 billion at the end of March, a rise of nearly $87 million from $42.524 billion at the end of February, the Central Bank of Egypt (CBE) said on Monday.
The nation's foreign reserves have been climbing since it secured a $12 billion three-year loan from the International Monetary Fund in 2016, as part of efforts to woo foreign investors and revive Egypt's economy.
Reserves had dropped to about $19 billion before Egypt signed the three-year IMF deal, floating the currency and lifting capital controls to lure back investors.
In February, Egypt raised $4 billion in a dollar-denominated Eurobond sale to help plug its financing deficit and boost dollar holdings.
Last Thursday, the CBE cut key interest rates by 100 basis points.
Egypt’s foreign debt rose to $80.8 billion in the first quarter of the fiscal year 2017-2018, the CBE said in February.