Remittances from Egyptians abroad rise to $8 billion in 5 months

Remittances from Egyptian expats have climbed 13.8 percent at the end of March since the country floated the pound in November, the central bank said in a statement Tuesday.

The central bank said remittances surged to $8.0 billion in the five months, compared with $7.0 billion in the same period a year earlier.

In March, remittances rose to $1.6 billion, compared to $1.5 billion during the same month last year.

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.

The central bank ditched its foreign exchange peg at 8.8 pounds per dollar in early November, and to help stabilise the newly-floated currency, it raised interest rates by 300 basis points. It was a step aimed to unlock foreign currency inflows and crush a black market for dollars that had discouraged people from channelling foreign currency through the banking system.