Egypt’s foreign reserves hit six-year high in March

Egypt’s foreign reserves surged to $28.5 billion at the end of March, the highest level since March 2011, a cabinet statement and the central bank revealed on Monday.

The cabinet statement also said Egypt had attracted $17 billion of foreign currency inflows since the flotation of the pound earlier on November 3rd.

The Central Bank allocated $23 billion to finance foreign trade in the same period, the statement added.