Egypt’s foreign reserves surged to a 10-year high in July, according to data released by the Central Bank of Egypt (CBE).

Net foreign reserves rose by $4.7bn to $36bn, compared with $28.5bn in April. Egypt’s reserves saw total inflows of $7.7bn in July, including $3.7bn in foreign investments and $4bn from the local economy, the central bank Governor Tarek Amer told reporters on 1 August.

Egypt also received a $1.25bn loan instalment from the IMF earlier this month and has been able to attract $17bn of foreign currency inflow since the flotation of the pound, which was applied in November last year.

Nonetheless, Egypt’s external debt reached $67.3bn at the end of the second quarter of financial year 2016/2017, compared to $60.1bn at the end of first quarter.

The improvement of Egypt’s foreign reserves over the last year has allowed the North African country to pay a lot of its foreign debt.

In June this year the CBE announced Cairo will pay approximately $720m to the Paris Club of creditor countries by the first week of July. The payment is part of an agreement with the Paris Club that that involves Egypt paying approximately $700m twice a year to cover its foreign debt.