Egypt foreign reserves up to $44.513 billion end-November – c.bank

Egypt’s foreign currency reserves increased to $44.513 billion at the end of November from $44.501 billion a month earlier, the central bank announced on Tuesday.

Reserves have been rising 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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