Total remittances sent home from Egyptians working abroad rose during the period between October and December 2016 by about $500m, reaching $4.6bn; compared to $4.1bn during the same period in 2015—a growth of 11.8%, according to the Central Bank of Egypt (CBE).
Remittances from abroad are considered one of the most important resources for foreign exchange inflow to Egypt. The total size of remittances in the fiscal year 2014/2015 amounted to $19bn, yet most of that was sold on the black market for currency before the flotation of the Egyptian pound. Following the decision to float in November 2016, most of these remittances went back to trading hands within the banking system.
The CBE noted that $3.3bn, 72% of remittances inflow from October to December 2016, were made in November and December—the two months following the flotation.
Moreover the CBE pointed out that in December alone, about $1.6bn of remittances were sent to Egypt, up from $1.4bn in December 2015—a growth of about 15.4%.
