Egypt’s foreign reserves hike to $31.305 billion at end-June

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Egypt’s foreign reserves hiked to $31.305 billion at the end of June from $31.125 billion at the end of May, the central bank announced Wednesday.

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.

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