ICEC

CBE: Egypt’s foreign reserves rise to $36.703 bln at end-Oct.

Egypt’s foreign reserves surged to $36.703 billion at the end of October from $36.535 billion at the end of September, the central bank announced Sunday.

Egypt’s foreign reserves have been rising since it clinched a $12 billion three-year loan from the International Monetary Fund in November in a bid to lure back foreign capital.

Egypt roughly had $36 billion in reserves before an uprising in 2011 ushered in a period of political turmoil, scaring away tourists and foreign investors, key sources of hard currency.

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