ICEC

Remittances from Egyptian expatriates hit $14.5 billion since currency float

Remittances from Egyptian expatriates have risen to $14.5 billion in the period since Egypt floated its currency in November until July, a central bank statement said Sunday.

During the same period in previous year, remittances stood at $12.6 billion, the statement added.

Remittances for the month of July were 43.9 percent up to recorded $1.8 billion compared with $1.2 billion during July last year, it said.

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.

Egypt’s central bank floated the pound in November as part of a $12 billion International Monetary Fund lending programme aimed to lure back foreign investment.

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