Remittances rise to $24.2 since liberalization of exchange rate: CBE

The Central Bank of Egypt (CBE) announced  that remittances from Egyptian expatriates increased to $24.2 billion from November 2016 to October 2017, a year since the liberalization of the exchange rate.

The CBE said in a statement that the total remittances rose during October 2017 by 38.9 percent to a record $2.2 billion, compared to roughly $1.6 billion in October 2016. The CBE attributed the increase to the pound floatation in November 2016, noting that remittances during the period from November to October 2016/2017 – a year of since the flotation – rose by about $4 billion to a record $24.2 billion, compared with about $20.2 billion during the same period in the previous fiscal year.

The CBE also issued its latest report on Monday, including rising investments in T-bills to LE 564 billion ($31.6 billion) in October, increasing deposits to LE 52 billion by the end of September and loans at banks in the country also rose to LE 13 billion at end of late September.