Egypt’s foreign reserves surge to $26.541 billion at February-end

Egypt’s net foreign reserves rose to $26.542 billion at the end of February from $26.363 billion at the end of January, the central bank announced in a statement on Thursday.

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

Egypt had $36 billion in reserve before the 2011 uprising that overthrew president Hosni Mubarak ushered in a period of political turmoil, scaring away tourists and foreign investors, two key sources of foreign currency.