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August remittances from Egyptians abroad up 40% on last year: ECB

Ahram Online , Sunday 8 Oct 2017
People line outside Al Ahli United Bank in Cairo (Photo: Reuters)
People line outside Al Ahli United Bank in Cairo (Photo: Reuters)

Remittances from Egyptian expats were 40 percent higher in August than in the same month last year, registering $1.7 billion this year compared to $1.2 billion in August 2016, the Egyptian Central Bank said Sunday.

A total of $16.3 billion in remittances was sent to Egypt between November 2016, when Egypt floated its currency, and August this year.

The period following the flotation saw a $2.4 billion increase in remittances, estimated at 17.35 percent compared to the same period of the previous fiscal year.

In November, the central bank floated the currency and agreed a $12 billion loan with the International Monetary Fund to support its reform program.

Egypt's foreign reserves registered $36.535 billion at the end of September 2017.

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

Egyptians working abroad send back billions of dollars a year in remittances, an important source of hard currency.

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