Reports: Egypt foreign reserves up by $3 billion last month

Markets Associated Press

  • FILE - In this Wednesday, Aug. 17, 2016, file photo, an Egyptian flowers vendor looks for clients at a traffic light in Cairo, Egypt, Wednesday, Aug. 17, 2016. Egypt held its currency steady against the dollar on Tuesday, as it moves ahead with a reform program expected to weaken the pound drastically but also hopefully pave the way for sustainable economic growth that creates jobs for a surging population.  (AP Photo/Amr Nabil, File)

    FILE - In this Wednesday, Aug. 17, 2016, file photo, an Egyptian flowers vendor looks for clients at a traffic light in Cairo, Egypt, Wednesday, Aug. 17, 2016. Egypt held its currency steady against the dollar on Tuesday, as it moves ahead with a ... reform program expected to weaken the pound drastically but also hopefully pave the way for sustainable economic growth that creates jobs for a surging population. (AP Photo/Amr Nabil, File) (The Associated Press)

  • FILE - In this March 14, 2016 file photo, Egyptians walk past a currency exchange office in Cairo, Egypt. Egypt held its currency steady against the dollar on Tuesday, Oct. 4, 2016, as it moves ahead with a reform program expected to weaken the pound drastically but also hopefully pave the way for sustainable economic growth that creates jobs for a surging population. (AP Photo/Amr Nabil, File)

    FILE - In this March 14, 2016 file photo, Egyptians walk past a currency exchange office in Cairo, Egypt. Egypt held its currency steady against the dollar on Tuesday, Oct. 4, 2016, as it moves ahead with a reform program expected to weaken the pound ... drastically but also hopefully pave the way for sustainable economic growth that creates jobs for a surging population. (AP Photo/Amr Nabil, File) (The Associated Press)

  • FILE - In this Thursday, Aug. 11, 2016, file photo, Egyptian Central Bank Governor Tarek Amer speaks during press conference at the headquarters of the finance ministry in Cairo, Egypt. Egypt held its currency steady against the dollar on Tuesday, as it moves ahead with a reform program expected to weaken the pound drastically but also hopefully pave the way for sustainable economic growth that creates jobs for a surging population. (AP Photo/Amr Nabil, File)

    FILE - In this Thursday, Aug. 11, 2016, file photo, Egyptian Central Bank Governor Tarek Amer speaks during press conference at the headquarters of the finance ministry in Cairo, Egypt. Egypt held its currency steady against the dollar on Tuesday, as ... it moves ahead with a reform program expected to weaken the pound drastically but also hopefully pave the way for sustainable economic growth that creates jobs for a surging population. (AP Photo/Amr Nabil, File) (The Associated Press)

Egyptian newspapers are reporting a $3 billion rise in the country's foreign reserves last month.

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The reports on Tuesday quote the country's Central Bank as saying that reserves stood at $19.59 billion by the end of September, up from $16.56 billion the month before

There has been wide speculation that another devaluation of the Egyptian pound is imminent as part of reforms required by the International Monetary Fund in exchange for a $12 billion loan over three years to overhaul the country's ailing economy.

Egypt and the IMF reached a provisional agreement on the loan in August, but the fund's executive board has yet to approve it.

The official exchange rate for the U.S. dollar is 8.8 Egyptian pounds, though at the black market, it trades for around 13 pounds.