Remit­tances from ex­pa­tri­ate Egyp­tians ris­ing, as cur­rency flota­tion pays off

The Daily News Egypt - - Front Page - By El­sayed Soly­man

Remit­tances from ex­pa­tri­ate Egyp­tians con­tin­ued their up­trend in July for the sev­enth month in a row, as cur­rency flota­tion made the black mar­ket van­ish, the Cen­tral Bank of Egypt (CBE) said in a state­ment on Sun­day.

Remit­tances for the month of July rose to $1.8bn com­pared with $1.2bn dur­ing July last year, it said.

In the pe­riod since Egypt floated its cur­rency in Novem­ber through July, Remit­tances from ex­pa­tri­ate Egyp­tians have reached $14.5bn, the state­ment added.

That fig­ure is up from $12.6bn dur­ing the same pe­riod the pre­vi­ous year, the state­ment said.

Remit­tances for the month of July rose to $1.8bn com­pared with $1.2bn dur­ing July last year, it said.

Egyp­tians work­ing abroad send back bil­lions of dol­lars a year in remit­tances, an im­por­tant source of hard cur­rency for a coun­try that has seen tourism,for­eign in­vest­ment,and ex­ports dwin­dle in the po­lit­i­cal tur­moil that fol­lowed the 2011 re­volt.

The CBE floated the Egyp­tian pound on 3 Novem­ber, aim­ing to un­lock for­eign cur­rency in­flows and crush a black mar­ket for dol­lars that had dis­cour­aged peo­ple from chan­nelling for­eign cur­rency through the bank­ing sys­tem.

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