The Central Bank of Egypt (CBE) announced on February 5 that net foreign reserves rose to USD 42.616 bn by the end of January 2019, compared to USD 38.2 bn in the prior-year period, Invest-Gate reports.

By the end of December 2018, net foreign reserves declined for the first time since the EGP floatation by around USD 2 mn to reach about USD 42.551 bn, compared to roughly USD 44.513 bn by the end of November of the same year.

On February 2, the International Monetary Fund’s (IMF’s) executive board completed the fourth review of Egypt’s economic reform program, allowing the north African nation to draw about USD 2 bn worth of loan, bringing the country’s total disbursements to USD 10 bn