Cairo's foreign reserves have been climbing since the country secured a $12 billion, three-year International Monetary Fund loan programme last year in a bid to lure back foreign investors and revive its ailing economy.

An IMF team last month completed its second review of Egypt's performance under the loan programme and the IMF board is expected to approve a third, $2 billion, disbursement of funds this month.

The central bank said earlier that it had paid back $2 billion to the African Export-Import Bank on Monday and would pay an additional $1.2 billion to the lender by the end of December in order to pay back in full a $3.2 billion loan, according to state news agency MENA.

The latest foreign reserve total does not account for this payment.