Egypt's foreign currency reserves rose by 1.6 billion U.S. dollars to reached 16 billion dollars in May, representing 11 percent increase, Central Bank of Egypt said in a statement Thursday.
The statement noted it was the second consecutive increase. The foreign reserves stood at 14.42 billion dollars in April and 13.42 billion dollars at the end of March.
The reserves increase was due to loans recently offered by some Arab countries. In April, Qatar announced it would provide Egypt with an extra loan of 3 billion dollars, besides earlier loan of 5 billion dollars that had already been received by Egypt.
Also, Libya announced in the same month that it would grant Egypt an interest-free 2-billion-dollar loan to boost the latter's ailing economy and alarming foreign currency reserves.
In an attempt to overcome its economic crisis, Egypt is also working on getting a rescue loan of 4.8 billion U.S. dollars from the International Monetary Fund.