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Egypt's net foreign reserves rise to $42.611 bln

Ahram Online , Monday 2 Apr 2018
 Central Bank
File Photo: Central Bank of Egypt's headquarters is seen in downtown Cairo (Photo: Reuters)

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.

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