Egypt foreign reserves sufficient for eight months’ official

Egypt’s foreign reserves are sufficient to cover imports for eight-months, Central Bank Sub-governor Rami Aboul Naga said on Tuesday.

Egypt’s foreign reserves stood at $37.02 billion in December from $36.723 billion at the end of November.

Cairo’s foreign reserves have been climbing since the country secured a $12 billion, three-year International Monetary Fund loan programme in 2016 in a bid to lure back foreign investors and revive its ailing economy.