Egypt Independent

Egypt’s foreign reserves jump to $36.7 bln in October, highest in history

Egypt recorded its highest level of foreign reserves in its history, Egypt’s Central Bank announced on Sunday, climbing from $36.535 billion at the end of September to $36.703 billion at the end of October.

In July, foreign net reserves jumped to $36.036 billion, hitting pre-2011 levels for the first time since the 25 January uprising, with international net reserves increasing $4.7 billion in July alone.

Egypt’s foreign reserves have been climbing since the country secured a $12 billion, three-year International Monetary Fund loan program in November 2016, shortly after the country decided to float its currency in a bid to lure back foreign investors and revive its ailing economy.

The currency float resulted in souring inflation and a jump in prices on basic commodities, with some products recording over 50 percent price increases.