Egypt central bank receives IMF 1st tranche, foreign reserves surge to $23.3 bln

The Central Bank of Egypt has received $2.75 billion from the International Monetary Fund on Friday, raising the country’s foreign reserves to $23.3 billion, state television said.

The amount is the first tranche of a three-year, $12 billion loan to Egypt from the IMF, whose board has approved the loan agreement earlier on Friday.

Source: Reuters