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Egypt's hard currency reserves climb $42.6 in March - CBE

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.

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