(MENAFN - Daily News Egypt) The Central Bank of #Egypt (CBE) revealed the size of remittances from Egyptians working abroad registered 8bn during the period from November 2016 to March 2017, a 13.8% increase of 964.8m compared to the period from November 2015 to March 2016. Remittances of Egyptians working abroad is one of the essential resources of foreign exchange to Egypt, as #Egypt is one of the most prominent countries receiving remittances, and occupied the sixth position among the middle-income countries receiving remittances in recent years. The total remittances from Egyptians working abroad during the 2014/2015 fiscal year was roughly 19bn, but half of them were being sold on the informal market before the liberalisation of the exchange rate, whereas remittances entered banks following the decision. Over the past years, many initiatives have emerged to urge Egyptians abroad to support the state in overcoming the shortage of foreign currency by selling the dollar to banks instead of to the informal market. This has changed after the flotation of the pound and the disappearance of the informal market for the currency, as most remittances now enter the banking sector.

Source: Daily News Egypt May 03, 2017 05:37 UTC