Egypt’s foreign reserves surge to $44.9bn July-end

Egypt’s foreign reserves surged to $44.917 billion at the end of July, the central bank announced on Wednesday, nearly one day after the country received a final $2 billion tranche from the IMF.

At the end of June, foreign reserves stood at $44.351 billion.

Reserves 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 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.