Remittances of Egyptians abroad registers $6 bln in 3 months

Remittances of Egyptians abroad continued to increase as it registered $5.9 billion in the first quarter of (Q1) of financial year (FY) 2017/18, compared to $4.3 billion a year earlier.

The CBE attributes the hike in Remittances of Egyptians abroad to the liberalization of exchange rate that has brought the foreign currency transactions back to the banks.

The CBE had floated the local currency in November 2016 with the aim of overcoming a sharp foreign currency shortage and a thriving dollar black market which squeezed the economy and discouraged foreign investors, exporters and Egyptian expatriates.