Remittances soar $930M in six months

CAIRO – 18 June 2017: Remittances from expatriate workers abroad hiked $930 million over the six month period following the flotation, the Central Bank of Egypt (CBE) announced Sunday.

The preliminary data showed that remittances increased 11.1 percent in that period; recording $9.3 billion from November 2016 to April 2017, up from $8.3 billion in the same period last year.

In April, remittances slightly fell to record $1.32 billion, down from $1.36 billion in the same month last year.

From November 2016 till March 2017, remittances recorded $8 billion.

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.