Egypt’s FX reserves at new record high in February after Eurobond sale

Egypt’s foreign reserves rose to a new record high in February, data from the central bank showed on Sunday.

The country’s reserves reached $42.524 billion at the end of February, up from $38.209 billion at the end of January, helped by a recent Eurobond sale, the central bank added.

Egypt last month raised $4 billion in a dollar-denominated Eurobond sale to help plug its financing deficit and boost dollar holdings.

Foreign reserves have been surging since the country secured a $12 billion three-year loan programme from the International Monetary Fund in 2016 as part of efforts to woo foreign investors and revive its ailing economy.

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.