Egypt's hard currency
reserves hit $42.611 billion at the end of March, marking a $100 million rise in
comparison with February, the Central Bank of Egypt (CBE) said on Monday.
The $12 billion three-year loan - which the International Monetary Fund (IMF) extended to Egypt- spurred a rise in hard currency reserves.
Before the loan deal, foreign currency reserves dropped by about $ 19 billion.
Last Thursday, the CBE cut key interest rates by 100 basis points.Egypt’s foreign debt rose to $80.8 billion in the first quarter of the fiscal year 2017-2018, the CBE said in February.