March 6, 2017 / 11:11 AM / a year ago

Remittances from Egyptians at $5 bln in three months after currency float

CAIRO, March 6 (Reuters) - Remittances from Egyptians abroad increased by 20 percent year-on-year in the three months following the country’s November currency float, totalling about $5 billion, a central bank statement said on Monday.

Remittances for the month of January were up 23 percent year-on-year, reaching $1.6 billion, the statement said.

The central bank floated the Egyptian pound on Nov. 3, aiming to unlock foreign currency inflows and crush a black market for dollars that had discouraged people from channelling foreign currency through the banking system. (Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Toby Chopra)

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