Egypt's foreign reserves spiked to reach $38.209 billion at the end of January, up from $37.019 billion at the end of December, the Central Bank of Egypt (CBE) announced Sunday.

Reserves have been climbing since Egypt signed a $12 billion loan with the International Monetary Fund (IMF) in November 2016, following the government decision to float Egypt's currency.

Egypt's net foreign reserves first hit pre-2011 levels in July 2017, reaching $36.036 billion after a $4.7 billion surge in July alone.


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