Cairo - Mubasher: The data of the Central Bank of the UAE showed a decline in transfers from Egyptians working in the UAE to Egypt by 1.5% during last year.
Egyptians’ money transfers from the UAE to their homeland reached AED 6.6 billion ($1.79 billion) in 2016 compared to AED 6.7 billion ($1.82 billion) in the year before.
Money transfers from Egyptians working abroad have grown by 11.18% during the second quarter of the current fiscal year, and by 23% in January, as shown by the recent initial data of the Central Bank of Egypt (CBE).
Last November, the CBE decided to float the Egyptian pound and free exchange rates.
It is worth noting that during FY15/16, money transfers to Egypt from Egyptians abroad decreased by 11.7%.
The Central Bank of the UAE said that transfers from foreigners working in the UAE reached AED 160.8 billion ($43.76 billion), with a year-on-year increase of 7.66%.
