Egypt’s foreign reserves hike $289M in December

CAIRO – 3 January 2018: Egypt’s foreign reserves increased $289 million in late December, the Central Bank of Egypt (CBE) said in a Wednesday statement.

“The foreign reserves at the end of December amounted to $37.019 billion compared to $36.723 billion at the end of November,” read the statement.

Foreign reserves in the CBE have been rising since the Egyptian government clinched a $12 billion three-year loan from the International Monetary Fund (IMF) in November, after Cairo started implementing an ambitious economic reform plan by floating the Egyptian pound, introducing a value added tax and slashing energy subsidies.