The Central Bank of Egypt (CBE) revealed that the foreign exchange reserves increased during March by approximately $27m, registering $16.561b, compared to $16.534b in February, reported Daily News Egypt.

According to the CBE’s figures, this is the sixth consecutive monthly increase the foreign exchange reserves have registered. The foreign exchange reserves have been registering monthly increases since October 2015, but with limited amounts of approximately $266m in total.

This comes despite the fact that the bank pumped more than $ 2b to finance strategic goods imports in March. However, it is believed that the said the $500m foreign investments that the government debt instruments attracted in March could be behind the increase as well as approximately $500m worth of investments from the Suez Canal.

The increase occurred in the price of currencies listed within the components of the foreign exchange reserves, as Al Mal News detailed.

Reuters added that Egypt’s overall foreign reserves more than halved to $16.56b in March compared to around $36b in 2011.