Remittances from Egyptian expatriates rise 17.3% since currency float

Remittances from Egyptian expatriates have increased 17.3 percent from a year ago, to $16.3 billion in the period since Egypt floated its currency in November until July, a central bank statement said Sunday.

Remittances for the month of August were 40 percent up to recorded around $1.7 billion compared with $1.2 billion during August 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.