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Egypt’s net foreign reserves surged to $44.258 billion at the end of June from $44.139 billion at the end of May, the central bank said on Thursday.
Egypt’s foreign reserves have been climbing since it secured a $12 billion, three-year International Monetary Fund loan programme in November 2016 as part of efforts to woo foreign investors and revive its ailing economy.
Since then, the surge in reserves was coupled with growth in Egypt’s external debt, as the country borrowed from international bond markets, friendly nations and international financial institutions. Officials have pointed to the rebound in tourism revenue, remittances from Egyptians abroad and a decline in the trade deficit to signal that economic reforms are bearing fruit.
