Egypt's Central Bank on Tuesday (August 1st) announced that foreign exchange reserves are at their highest since 2011, as the country pursues drastic reforms aimed at reviving its economy, AFP reported.
At the end of July 2017, the Central Bank's reserves reached just over $36 billion, the bank said in a statement.
The reserves last stood at just above $36 billion in December 2010, before they dropped by almost two-thirds to $13.5 billion by February 2013.
In November last year, Egypt obtained a $12-billion loan from the International Monetary Fund (IMF) in exchange for tough economic reforms.
Cairo has since devalued the pound, slashed government subsidies and introduced a value-added tax in a bid to boost government finances and foreign reserves.
The austerity measures have, however, also fueled inflation.
