Remittances from Egyptian expats were reportedly 40 percent higher in August than in the same month last year, registering $1.7 billion this year compared to $1.2 billion in August 2016, Egypt’s Central Bank said on Monday.
A total of $16.3 billion in remittances was sent to Egypt between November 2016, when Egypt floated its currency, and August this year.
The period following the flotation saw a $2.4 billion increase in remittances, estimated at 17.35 percent compared to the same period of the previous fiscal year.
In November, the central bank floated the currency and agreed to a $12 billion loan with the International Monetary Fund to support its reform program.
Egypt’s foreign reserves registered $36.535 billion at the end of September 2017. Around 9.4 million Egyptians live abroad, of a total Egyptian population of 104.2 million.
Egyptians working abroad send back billions of dollars a year in remittances, an important source of hard currency.