The Central Bank of Egypt (CBE) said Tuesday the country's foreign currency reserves were up by $23 million in December.

Forex reserves hit $16.445 billion at the end of December against $16.422 billion in November, 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.