Egypt’s foreign reserves surge to highest in 8 months

Egypt’s foreign reserves inched up to the highest since August after the country’s cash savings grew.

Net international reserves climbed 2.7 percent from a month earlier to $17 billion, according to data published on the central bank’s website. Cash increased $408 million to $13.2 billion, the regulator reported.

North Africa’s biggest economy is struggling to alleviate a foreign currency shortage amid declining tourism and foreign investment five years after Arab Spring protests toppled longtime President Hosni Mubarak. Egypt has yet to secure funds promised by allies last month in an effort to pad its reserves, according to the state-run Al Ahram newspaper.

Source: Bloomberg