Egypt net foreign reserves rise to $38.2 billion

Egypt's foreign reserves registered in January the biggest month-on-month jump since July last year as the country pushed forward with economic reforms aimed at boosting growth. Foreign reserves rose to $38.209 billion at the end of January from $37.020 billion at the end of December, the central bank said on Sunday.
It did not immediately provide details on what accounted for the jump. Cairo's foreign reserves have been climbing since Egypt secured a $12 billion International Monetary Fund loan in November 2016 that included a raft of austerity measures aimed to revive the economy after years of turmoil.