Egypt’s foreign reserves witnesses another increase at the end March

Egypt’s foreign reserves experienced a slight increase at the end of March compared to that of the end of February, as it rose from $42.524 billion to $42.611 billion.

According to the Central Bank of Egypt who made this known to reporters on Monday, the country’s foreign reserves saw an $87 million increased under the period of one month.

As at the end of January, the country’s foreign reserves rose to $38.209 billion from $37.020 billion at the end of December, while it increased to $42.524 billion at the end of February.

Egypt’s foreign reserves have been increasing, after securing a $12 billion 3-year International Monetary Fund loan programme in 2016 as a tactic to attract foreign investors and resuscitate its sick economy.

Despite being faced with continued terrorist attacks, the country’s tourism industry has begun to revive, but economic growth continues to lag.

The transcontinental country’s government is trying to restore financial stability and improve the business environment after years of political turmoil by consolidating public finances through fiscal reforms and allowing market forces to determine the exchange rate.

Though weak institutional capacity and stiff opposition from interest groups have thwarted some necessary economic reforms, fuel and electricity subsidies reform has been a notable achievement under President Abdel Fattah el-Sisi administration.