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Egypt Foreign Reserves at Record Before Bond Sale

  • International reserves rise to $38.2 billion in January
  • Government is preparing to sell new international bonds
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Photographer: Andrew Burton/Bloomberg

Updated on

Egypt’s foreign-currency reserves climbed to a record in January just as as the government prepares to raise as much as $5 billion from an international bond sale.

Reserves rose $1.2 billion, the most since July, to $38.2 billion, central bank data showed on Sunday. Foreign currency inflows to the central bank and other financial institutions increased by $1.5 billion to $5.6 billion, Central Bank Governor Tarek Amer said in a text message, without elaborating. Egypt repaid $290 million of a $350 million installment to Paris Club members in January, he said.