Egypt reserves reached $36bn, highest in 7 years

Egypt’s Central Bank says the country’s foreign reserves reached 36.036 billion dollars in July, the highest level since December 2010. The bank announced the increase in a brief statement yesterday. The figure is four billion dollars higher compared to the previous month.

The rise comes after the government secured a $12 billion loan from the International Monetary Fund. In order to qualify for that loan, the government imposed a set of tough economic measures, including subsidy cuts and the flotation of its local currency.

The economic measures were hailed by the IMF but have left many Egyptians struggling with both reduced buying power and spiraling inflation. The economy has yet to recover from a 2011 popular uprising or generate nearly enough jobs for Egypt’s surging population of 92 million. —AP