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Egypt: $2.6bn remittances received from expats in December

Central Bank of Egypt [File photo]
Central Bank of Egypt [File photo]

Egypt’s Central Bank (CBE) said yesterday that the volume of remittances from Egyptians working abroad increased by 29.3 per cent year-on-year to reach $2.6 billion in December last year.

The Bank said in a statement that remittances from expatriate Egyptians increased by 19.2 per cent to reach $29.1 billion since the country floated the Egyptian pound in November 2016.

The Central Bank of Egypt (CBE) floated the Egyptian pound in November 2016 as part of an economic reform programme including the removal of subsidies on essential commodities in an effort to obtain a $12 billion loan from the IMF.

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