CAIRO, Jan. 20 (Xinhua) -- Egypt's foreign currency reserves rose to 42.6 billion U.S. dollars by the end of 2018, the highest level in years, the Egyptian cabinet said Sunday.

According to a statement by the cabinet's media center, Egypt's foreign currency reserves have been witnessing continuous increases since 2014, registering 37 billion dollars in 2017, 24.3 billion dollars in 2016, 16.4 billion dollars in 2015, and 15.3 billion dollars in 2014.

The current foreign currency reserves could cover imports for 7.7 months by the end of 2018, up from 7 months in 2017, 4.9 months in 2016, 3.4 months in 2015, and 3 months in 2014, the cabinet added.

Deposits in banks increased to 3.7 trillion Egyptian pounds (206.82 billion dollars) by the end of October 2018, up from 3.3 trillion pounds by the end of 2017, 2.8 trillion pounds by the end of 2016, 1.9 billion pounds in 2015, and 1.6 trillion pounds in 2014.

Over the past few years, Egypt has been suffering an economic recession because of political instability and relevant security issues that led to the decline of tourism and foreign investments, two major sources for Egypt's foreign currency reserves.

But Egypt's forex started to recover under President Abdel-Fattah al-Sisi, who was backed by some oil-rich Gulf countries including Saudi Arabia, the United Arab Emirates and Kuwait through financial support.

Improving security condition, increasing remittances of Egyptian expatriates abroad as well as more foreign loans and deposits have refilled the Central Bank with foreign funds.

To boost the economy, bolster forex and contain dollar shortage, Egypt started in late 2016 a strict three-year economic reform program including imposing austerity measures, fuel and energy subsidy cuts and tax increases, in addition to local currency's full floatation that led to nationwide price hikes.

Egypt's reform program is encouraged by a 12-billion-dollar loan from the International Monetary Fund. Enditem

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