Egypt mulls tailored savings tools to increase expat remittances: PM

Egypt is studying the launch of special savings instruments for citizens living abroad in a bid to increase remittances, Prime Minister Moustafa Madbouly said on Wednesday.

Speaking at a press conference, the prime minister said the government is working with the Central Bank of Egypt (CBE) on the proposed tools, which aim to attract more foreign currency inflows from expatriates.

“Remittances from Egyptians abroad are a vital source of stability for the economy and a sign of their confidence in Egypt’s economic conditions,” Prime Minister Madbouly said.

The government has previously sought to channel expatriate funds into investment initiatives, including a car-import scheme for Egyptians abroad. “We are now studying new tools to further encourage inflows in the coming period,” he said.

Attribution: Amwal Al Ghad English