US Dollars (Photo: Reuters)
Egypt's banking system saw a month-on-month increase in foreign-currency inflows by $1.5 billion to a total of $5.6 billion by end of January, Central Bank of Egypt sub-governor Rami Aboul Naga told MENA agency on Sunday.
The foreign currency inflows resulted in an increase in net foreign reserves to $38.2 billion by end of January, up from $37.02 billion in December and the biggest increase since July 2017, the CBE announced.
Egypt has also paid back $290 million of a $350 million installment to the Paris Club in January, CBE Governor Tarek Amer said, according to Bloomberg.
The jump in foreign reserves comes days before Egypt is set to raise $4-5 billion in Eurobonds, according to Finance Minister Amr El Garhy Sunday.
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.
Aboul Naga had said last month Egypt's foreign reserves were sufficient to cover eight-months worth of imports.