Egypt's foreign reserves reaches 26.4 billion in January
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}The economic measures were hailed by the IMF, however they have left many Egyptians struggling with both reduced buying power and spiraling inflation.