According to the Central Bank of Egypt, the nation’s net foreign reserves rose to $44.14 billion at the end of May from $44.030 billion at the end of April.
Ever since Egypt secured a $12 billion, three-year International Monetary Fund (IMF) loan program, the country’s foreign reserve has been on the rise. The loan was part of efforts by the nation to lure foreign investors and revive its ailing economy.
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