Diaspora Featured

Remittances from Egyptians at $5 bln in three months after currency float -c.bank

A bank employee counts stacks of Egyptian 5 pound and 50 piastre notes as he works at Bank Misr in downtown Cairo, Egypt, June 8, 2016. REUTERS/Amr Abdallah Dalsh – RTSGPW9

Remittances from Egyptians abroad increased by 20 percent year-on-year in the three months following the country’s November currency float, totalling about $5 billion, a central bank statement said on Monday.

Remittances for the month of January were up 23 percent year-on-year, reaching $1.6 billion, the statement said.

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.
By Reuters

Recommended For You.

Deputy Crown Prince of Saudi Arabia, Prince Mohammed bin Salman, the 31-year-old son of King Salma has been promoted to