Egypt foreign reserves rise for first time since August

February 9, 2014 6:19 am

Egypt’s central bank has said the country’s net international reserves (NIR) rose to $17.105bn at the end of January 2014, the first increase since August 2013, compared with $17.032bn recorded at the end of the previous month, Ahram has reported. The apex lender’s governor Hisham Ramez said that foreign reserves would not fall below their current levels despite an exceptional forex auction held in late January, which sold off $1.5bn.