Remittances rise 15.4 pct year-on-year following EGP flotation: Central bank

Ahram Online , Tuesday 7 Feb 2017

Central Bank of Egypt
File Photo: People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo, Egypt, December 21, 2015 (Photo: Reuters)

Remittances sent to Egypt by nationals abroad grew by 15.4 percent to $1.6 billion in December 2016 compared to the same month of the previous year, the Central Bank of Egypt stated on Monday.

According to the CBE, around 72 percent of total remittances received in the last quarter of 2016 were sent by Egyptian expats following the November decision to float the Egyptian pound.

The CBE said its initial estimates put total remittances at $4.6 billion in October to December of 2016, up from $4.1 billion in the same period of 2015, with a rise of 11.8 percent in comparison to last year's fourth quarter.

On 3 November 2016, Egypt's Central Bank decided to freely float the pound and raise key interest rates as part of a set of reforms aimed at solving a dollar scarcity and eradicating the black market.

The pound, which was traded at a stable rate of approximately 8.8 to the dollar prior to the float, is currently being traded at around EGP18.5.


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