Egypt’s foreign reserves jump to $28.641 bln by end-April

Egypt’s foreign reserves edged up to $28.641 billion at the end of April from $28.5 billion at the end of March, the central bank said on Wednesday.

Egypt’s foreign reserves have been climbing since it clinched a $12 billion three-year loan from the International Monetary Fund in November in a bid to lure back foreign capital.

The country had roughly $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.

Source: Ahram online