The Central Bank of Egypt (CBE) said Thursday the country's foreign currency reserves were up $32 million in January.

Forex reserves hit $16.774 billion at the end of January against $16.445 billion in December, the CBE said in a press statement.

Egypt's net foreign reserves have plunged more than half the volume since the 2011 revolution, which scared off tourists and investors – both considered main sources of foreign currency for Egypt.

In January 2011, Egypt's net reserves stood at some $36 billion.