January 30, 2018 / 8:11 AM / 7 months ago

Egypt foreign reserves sufficient for eight months' imports-c.bank official

CAIRO, Jan 30 (Reuters) - Egypt’s foreign reserves are sufficient to cover imports for eight-months, Central Bank Sub-governor Rami Aboul Naga said on Tuesday.

Egypt’s foreign reserves stood at $37.02 billion in December from $36.723 billion at the end of November.

Cairo’s foreign reserves have been climbing since the country secured a $12 billion, three-year International Monetary Fund loan programme in 2016 in a bid to lure back foreign investors and revive its ailing economy. (Reporting by Ehab Farouk, Editing by William Maclean)

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