Egypt’s foreign reserves at new high, hit $36.53 bln at end-Sept

Egypt’s foreign reserves rose to $36.534 billion at the end of September from $36.143 billion at the end of August, the central bank said on Monday.

The end-of-July figure reached pre-2011 levels for the first time since the 25 January uprising, with international net reserves increasing $4.7 billion in July alone.

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.