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CAIRO, June 4 (Xinhua) -- Egypt's foreign exchange (forex) reserves rose to 44.28 billion U.S. dollars by end of May, the Central Bank of Egypt (CBE) said in a statement on Tuesday.
"Egypt's forex reserves increased by 57 million dollars to reach 44.275 billion dollars at the end of May," the CBE said.
Egypt has adopted 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.
