Egypt’s foreign currency reserves rose by a further $200mn last month to stand at $26.6bn at the end of February, their highest level since 2011 (see chart).

And reserves will likely have risen further during March with Egypt’s receipt of the second $1bn tranche of a $3bn World Bank loan. The first $1bn tranche was received last September, with the loan having initially been agreed in late 2015.

The key shot in the arm for Egypt’s reserves came with last November’s...