(Adds details, background)
CAIRO Feb 5 Egypt's net foreign reserves rose
to $26.363 billion at the end of January from $24.265 billion at
the end of December, the central bank said on Sunday.
The country had roughly $36 billion in reserves before an
uprising in 2011 ushered in a period of political turmoil,
scaring away tourists and foreign investors, key sources of hard
The central bank floated the Egyptian pound in November as
part of an economic reform programme. The move helped Egypt
clinch a $12 billion three-year loan from the International
An IMF delegation was in Cairo in January to prepare for a
review required before disbursing the second instalment of the
loan, expected to be $1.25 billion, which the Fund earlier said
Egypt was on track to receive. The first instalment, $2.75
billion, was disbursed in November.
Egypt sold $4 billion of Eurobonds in three tranches in
January, raising twice as much as targeted and at lower yields
than initially expected. It was not immediately
clear if the rise in reserves was a consequence of the sale.
The government's reforms include loosening capital controls,
ending energy subsidies, reforming public enterprises and
overhauling monetary policy in a bid to restore economic
stability and long-term growth.
(Reporting by Ahmed Aboulenein; Editing by Eric Knecht and John