CAIRO - Egypt's net foreign reserves rose to $34.21 billion in January from $34.16 billion a month earlier, Egypt's central bank said on its website on Sunday.

It was the ninth straight month-on-month rise, pushing the figure for reserves to its highest level since November 2008.

Beltone economist Reham ElDesoki forecast a further rise citing factors such as recovering capital inflows and stronger earnings from tourism receipts, Suez Canal revenues and worker remittances.

"We expect the rise to continue, albeit with varying levels on a monthly basis according to the seasonal performance of the above-mentioned factors," she said.

Egypt's reserves include holdings of foreign currencies, gold, special drawing rights and loans to the International Monetary Fund.

Following is a table of Egypt's net foreign reserves in billions of U.S. dollars at the end of January, according to the central bank website (www.cbe.org.eg):

                                       January 2010           December 2009         January 2009

Net foreign reserves            34.21                          34.16                            33.43 

(Source: Arab Finance)