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UPDATE 1-Egypt foreign reserves reach six-year high of $28.5 bln
April 3, 2017 / 3:10 PM / 6 months ago

UPDATE 1-Egypt foreign reserves reach six-year high of $28.5 bln

(Adds c.bank official reserves announcement)

CAIRO, April 3 (Reuters) - Egypt’s foreign reserves rose to $28.5 billion by the end of March, the highest level since March 2011, a cabinet statement and the central bank said on Monday.

The cabinet statement also said Egypt had attracted $17 billion of foreign currency inflows since the flotation of the pound in November. The Central Bank allocated $23 billion to finance foreign trade in the same period, the statement added.

The country had roughly $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.

The central bank floated the Egyptian pound in November as part of an economic reform programme. The move helped Egypt clinch a $12 billion, three-year loan from the International Monetary Fund. (Reporting by Dominic Evans; Editing by Eric Knecht)

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