Egypt forex reserves up for first time since August

Egypt's net international reserves (NIR) rose to $17.105 billion at the end of January, the first increase since August 2013, according to the latest figures released by the Central Bank of Egypt (CBE) on Thursday.

The $73 million rise compared to the $17.032 billion recorded at the end of December can be accredited to a fresh influx of financial aid from the Arab Gulf, an asset manager at Cairo-based HC Securities told Ahram Online.

CBE governor Hisham Ramez had also assured that foreign reserves would not fall below their current levels despite an exceptional FOREX auction held in late January which sold off $1.5 billion.