Cairo – Mubasher: Remittances from Egyptian expatriates grew by 29.3% year-on-year to $2.6 billion in December 2017, up from $2 billion, according to a statement by the Central bank of Egypt on Sunday.
Total remittances rose by 19.2% to $29.1 billion since the Egyptian Pound flotation in November 2016 until December 2017, the CBE added.
The increase in remittances from Egyptian expats reflects their confidence in dealing with Egypt’s banking system as a positive result of the liberalisation of the exchange rate.
The CBE had previously announced that remittances from expatriates surged by 37.2% year-on-year in the first quarter of fiscal year 2017/2018.
