Egypt’s foreign reserves increase to $44.501 bln at end-October

Egypt’s foreign currency reserves rose to $44.501 billion at the end of October from $44.459 billion at the end of September, the central bank announced on Monday.

Reserves have been climbing since Egypt 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.

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.