Egypt Fuels Record Reserves With External Debt Surge: Chart

Egypt’s net foreign reserves have been rising steadily, hitting a record in July. The increase has been driven by heavy external borrowing as investors pour money into Egyptian assets following the government’s lifting of most currency restrictions and the IMF’s approval of a $12 billion loan. A total of $14 billion have flowed into Egyptian treasury bills, which are among the highest yielding in the world.