CAIRO, July 18 (Xinhua) -- The Central Bank of Egypt (CBE) received on Tuesday the second loan installment worth 1.25 billion U.S. dollars from the International Monetary Fund (IMF), official news agency MENA reported.
"The 2nd tranche would boost the CBE's cash reserve of foreign currency," MENA quoted a CBE's official as saying.
The foreign currency reserves reached 31 billion U.S. dollars in March, the highest since March 2011, when it was estimated at 36 billion dollars.
In 2016, the IMF Executive Board voted in favor of a three-year, 12-billion-dollar loan to Egypt to encourage its economic reforms.
Egypt received the first installment of 2.75 billion dollars from the IMF last November.
Egypt's economic reforms include cutting subsidies, raising taxes and floating the currency.
