Egypt net foreign reserves rise to $44.46 bln at end-September

Egypt’s net foreign reserves rose to $44.459 billion at the end of September from $44.419 billion at the end of August, the central bank said on Monday.

Reserves have been climbing since Egypt secured a $12 billion, three-year International Monetary Fund loan programme in November 2016 as part of efforts to woo foreign investors and revive its ailing economy.

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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