Egypt’s foreign reserves slightly rise in January for fourth month in row

Egypt’s foreign currency reserves inched up in January for the fourth consecutive month, to reach $16.477 billion from $16.445 billion the previous month, the central bank said on its website on Thursday.

The last drop in reserves was in September, when they stood at $16.3 billion, down from $18 billion in August.

The Central Bank of Egypt has recently taken steps, along with government ministries, to reduce imports.

The bank’s governor, Tarek Amer, expects imports to fall by $20 billion in 2016.

The central bank last month received a $500 million loan from the African Development Bank, the first tranche of a $1.5 billion loan package over three years, according to Al-Ahram newspaper.

International Cooperation Minister Sahar Nasr told Reuters on Thursday that a $1 billion loan from the World Bank is expected to be delivered soon, once local procedural issues are completed, as it was approved in December.

source: Ahram online