Total remittances from Egyptians working abroad during the first three months of the float—between November 2016 and January 2017—amounted to about $5bn, up from $4.1bn in the same period of the past fiscal year, marking an increase of 19.7%, according to the Central Bank of Egypt (CBE).
In a press release on Monday, the CBE said that preliminary data indicated an increase in January 2017 to about $1.6bn, up from $1.3bn in January 2016, marking an increase of 23%.
Earlier, the CBE had noted that total remittances sent from Egyptians abroad between October to December 2016 rose by $500m, to reach $4.6bn, from $4.1bn in the same period during 2015—registering an increase of 11.8%.
Remittances are considered one of the most important resources of foreign currency inflow to Egypt. The total size of remittances this fiscal year 2014/2015 amounted to $19bn; yet most of it was spent on currency in the black market before the flotation of the pound. Following the decision to float the pound in November 2016, most of these remittances went back to trade in the banking system.