The Central Bank of Egypt (CBE) announced on Thursday that remittances from Egyptian abroad increased 24.4 percent in September, compared to the same month last year.
According to the CBE’s statement, Egyptians abroad transferred about $1.166 billion home compared to $937.3 million in September 2016.
The CBE added that in the period following the 3 November 2016 decision to float the Egyptian pound, the total remittances from Egyptians abroad registered $17.4 billion from November 2016 to September 2017 compared to $14.8 billion in the same period of the previous year.
In November 2016, the central bank floated the currency as part of securing a $12 billion loan with the International Monetary Fund to support its reform programme.
Egypt’s foreign reserves registered $36.535 billion at the end of September 2017.
Around 9.4 million Egyptians live abroad, of a total Egyptian population of 104.2 million.
Egyptians working abroad send back billions of dollars a year in remittances, an important source of hard currency. Source: Ahram online