Economic activity for Egypt’s non-oil private sector accelerated the most since 2014, a sign that growth may be recovering after authorities abandoned currency controls and secured a $12 billion IMF loan deal, Bloomberg said on Sinday.

The Emirates NBD Purchasing Managers’ Index (PMI) for the whole economy climbed for the third month in a row to 46.7 in February from 43.3 in January. The New Orders sub-index rose to 44 from 39.2.

While readings below 50 indicate the economy is still in contraction, the magnitude of the gain signals an improvement in business confidence three months after Egyptian policy makers floated the pound to ease a crippling dollar shortage.

Authorities have also cited rising dollar inflows in the banking system and an influx of foreign investments in government debt as other signs the reform plan is working.