Remittances from Egyptians abroad increased by 29.3% year-on-year in December 2017 to $2.6 billion, up from $2 billion in December 2016, the Central Bank of Egypt announced in a press statement on Sunday.
Total remittances since November 2016, when the Egyptian currency was floated, and December 2017 recorded $29.1 billion, a 19.2% increase compared to the same period a year earlier.
“This reflects Egyptians’ trust in dealing with the Egyptian banking system, as a positive result of the decision to float the EGP,” the Central Bank statement read.
The flotation has helped the country face its foreign-currency shortage, closing the gap between the black-market and the official banking system exchange rates.
The flotation also helped in driving foreign reserves up, reaching $38.209 billion at the end of January.
Egypt also secured a $12 billion IMF loan agreement in August 2016 to support the country’s fiscal reform programme and curb the budget deficit.
The IMF approved the disbursal of $2.03 billion of the second tranche of the loan in December 2017.
About 9.4 million Egyptians live abroad, out of a population of 104.2 million Egyptians.