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FINANCIAL NEWS
Remittances from expatriate Egyptians grow by 11.8pct
08 Feb 2017
(MENAFN) Remittances from expatriate Egyptians increased 11.8 percent in Q4 of 2016, with most of the increase coming after it floated the pound to unlock foreign currency inflows.
Accordingly, the remittances have increased 15.4 percent to USD1.6bn in Dec 2016 from USD1.4bn in December 2015.
Moreover, almost 72 percent, USD3.3bn, of fourth-quarter remittances was sent after the float, while Egyptians working abroad send back billions of dollars a year in remittances.
Meanwhile, the central bank floated the Egyptian pound on Nov. 3, planning to unlock foreign currency inflows and crush a black market for dollars.
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MENAFN0802201700450000ID1095241164
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