Egypt’s stocks hit the highest level in sixteen months a day after an Egyptian central bank official announced the receipt of a $2 billion deposit from Saudi Arabia.

Egypt’s stocks rose during Monday’s trading backed by foreign net buying amid reports about an imminent flotation of the local currency.

Egypt’s stocks declined on Thursday on the second day of thin trading following the Eid Al-Adha holiday, Al-Ahram Arabic news website reported.

Beltone Market Maker, a subsidiary of Beltone Financial Holding, one of Egypt’s leading investment banks, has begun providing market-making services in the shares of Orascom Construction on Nasdaq Dubai.