CAIRO, Aug. 2 (Xinhua) -- Egypt's foreign exchange reserves rose to 44.314 billion U.S. dollars in July, the Central Bank of Egypt (CBE) said in a statement on Thursday.
Egypt's forex increased by 56 million U.S. dollars from June to reach 44.314 billion at the end of July, said the CBE.
Egypt has been going through a strict three-year economic reform program since late 2016, starting with local currency floatation to contain dollar shortage followed by austerity measures, energy subsidy cuts and tax increases.
The liberalization of the Egyptian pound's exchange rate encouraged the International Monetary Fund to support Egypt's economic reform plan by a 12-billion-dollar loan, two thirds of which has already been delivered to the North African country.
