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Egyptians’ Remittances rise 5.8% in November 2017

Thursday 11/January/2018 - 06:03 PM
Sada El Balad
Hassanein Tayea
The Central Bank of Egypt (CBE) announced that the total remittances of Egyptians abroad increased by 5.8% to reach about $2.2 billion in November 2017، compared to $ 2.1 billion during the same period last year.

The CBE added that such increase constitutes a sign of Egyptians’ confidence in the banking system. The remittances of Egyptians living abroad rose by $ 2.4 billion to reach $10.4 billion during the period from July to November 2017، compared to $8.1 billion during the same period last year.

The CBE also attributed the increase to the pound floatation in November 2016، noting that remittances during the period from November to October 20162017 – a year of since the flotation – rose by about $4 billion to a record $24.2 billion، compared with about $20.2 billion during the same period in the previous fiscal year.

The CBE also issued its latest report on Monday، including rising investments in T-bills to LE 564 billion ($31.6 billion) in October، increasing deposits to EGP 52 billion by the end of September and loans at banks in the country also rose to EGP13 billion at end of late September.

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