Egypt sees March foreign reserves at over $28.5 bln, highest since 2011


CAIRO: Egypt’s central bank expects foreign reserves to jump to over $28.5 billion for the month of March, the highest since March 2011, a bank deputy governor told the country’s state news agency MENA on Sunday.

Egypt’s net foreign reserves were at $26.542 billion at the end of February and have been climbing ever since it clinched a $12 billion three-year loan from the International Monetary Fund in November in a bid to lure back foreign capital.