The continued surplus on the balance-of-payments has allowed the Central Bank to increase its reserves. According to the IMF's International Financial Statistics, foreign-exchange reserves (excluding gold) reached US$22.7bn at the end of October 2006. This was a modest increase of just US$1.5bn since the end of the first quarter 2006, but was nonetheless roughly the equivalent of eight months' worth of import cover, well above the recommended minimum of three months stipulated by the IMF. According to provisional data from the Central Bank, foreign-exchange reserves then grew strongly over the remainder of 2006 and into 2007, reaching US$26.1bn at the end of January 2007, most likely as a result of the privatisation of the Bank of Alexandria in the final quarter of 2006 (November 2006, The domestic economy: Financial and other services).