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Egypt’s foreign reserves reaches 26.4 billion in January

CAIRO — Egypt’s Central Bank says that the country’s foreign reserves have reached $26.4 billion in January, up from $23 billion in November.

The bank announced the increase in a brief statement posted online Monday.

The rise comes after the government secured a $12 billion loan from the International Monetary Fund. In order to qualify for that loan, the government imposed a set of tough economic measures, including reduced subsidies and the devaluation and then flotation of its local currency.

The economic measures were hailed by the IMF, however they have left many Egyptians struggling with both reduced buying power and spiraling inflation.

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