Egyptian foreign net reserves rose to record high of $44.917 billion at the end of July, the Central Bank of Egypt (CBE) said, nearly one day after the country received a final $2 billion tranche from the IMF. At the end of June, foreign reserves reached $44.351 billion. Tuesday's figure is the highest ever in the country's recent history. Egypt's economy saw major turbulances after 2010, with reserves plunging to a record low of $13.448 billion in March 2013. Reserves have been climbing since Egypt signed a $12 billion three-year loan programme with the International Monetary Fund in late 2016, part of efforts to attract foreign investors and revive the economy. It only slipped 4.4 percent in December 2018 for the first time post devaluation, reporting $42.5 billion, compared to $44.5 billion in November 2018. Source: Ahram Online
