Remittances jump to $8B from Nov. to March: CBE

CAIRO – 2 May 2017: Remittances from expatriate workers abroad increased to $8 billion from November 2016 till March 2017, Central Bank of Egypt (CBE) announced in a Tuesday statement.

Central Bank of Egypt’s preliminary data showed that remittances increased by 13.8 percent, amounting to $964.8 million, the statement added.

Earlier In March, expatriate’s remittances jumped to $1.6 billion, compared to $1.3 billion in the same month a year earlier.

Remittances, along with foreign retail inflow have been increasingly transferred into Egypt’s banks following the CBE’s move to liberate the local currency in November, which indicates expatriate’s increased confidence in the nation’s economy.