Egypt’s net foreign reserves surge to nearly $45 bln end-August

Egypt’s net foreign reserves rose to $44.969 billion at the end of August, the central bank said on Wednesday. Reserves stood at $44.916 billion at the end of July.

The figures have been rising since Egypt signed a $12 billion three-year loan programme with the International Monetary Fund in late 2016, part of efforts to attract foreign investors and revive the turbulent economy.

Egypt had roughly $36 billion in reserves before an uprising in 2011 overthrew Hosni Mubarak that ushered in a period of political turmoil that scared away tourists and foreign investors, key sources of foreign exchange.