Egypt Independent

Remittances from Egyptians abroad rise by 13.8 pct since November



Remittances from expatriate Egyptians have risen 13.8 percent since the central bank floated the pound in November, the central bank said in a statement on Tuesday.

The central bank said remittances were $8 billion pounds in the five months, compared with $7 billion in the same period a year earlier.

Egyptians working abroad send back billions of dollars a year in remittances, an important source of hard currency after tourism, foreign investment and exports all dwindled amid political turmoil following a 2011 revolt.

The central bank floated the Egyptian pound on Nov. 3, aiming to unlock foreign currency inflows and crush a black market for dollars that had discouraged people from channelling foreign currency through the banking system.

Reporting by Ehab Farouk (Cairo); Writing by Asma Alsharif; Editing by Catherine Evans; Reuters