Remittances sent to Egypt by nationals abroad rose by 23 percent year-on-year in January to reach $1.6 billion, the Central Bank of Egypt announced on Monday.
According to Al-Ahram Arabic website, the CBE also said that total remittances registered $5 billion during the period from November to January 2017, after the pound was floated. This was up from $4.1 billion in the same period the year before.
On 3 November 2016 the central bank floated the pound against the dollar in an attempt to alleviate the country’s flagging economy, leading the pound to plummet, reaching an average exchange rate of EGP 18.5 to the dollar, compared to EGP 8.88 prior to the flotation.
Since January the pound has been strengthening, and now trades at 16.7 to the dollar, according to data on the central bank’s website on Monday.