Remittances by Egyptians abroad reach record high: CBE

Ahram Online , Wednesday 20 Dec 2017

Central Bank of Egypt
File photo: Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, November 3, 2016. (Reuters)

Remittances sent by Egyptians abroad over the past year starting November 2016 have hit an all-time high, exceeding $24.2 billion, state-owned news agency MENA reported on Wednesday, citing a source at the Central Bank of Egypt (CBE).

The source said that the increase, around a 20 percent hike compared to the same period a year earlier, is due to measures the CBE has applied to eradicate the currency black market.

The foremost of these measures was the flotation of the Egyptian pound in November 2016, which has largely closed the gap between exchange rates in banks and the black market, where the latter was offering prices as high as double the official rates.

Before the flotation, black market transactions and brokering were rampant, according to the source.

Around 9.4 million Egyptians live abroad out of a total population of 104.2 million.

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