Egypt’s Central Bank

By Ayman Mohammed,

Cairo (IINA) : Egypt’s Central Bank said remittances from Egyptians working abroad increased by 13.8 percent reaching $8 billion during the period from November to March this fiscal year.

The Central Bank said in a statement on Tuesday that remittances surged to $8 billion over the five months, compared with $7 billion in the same period a year earlier. In March, remittances rose to $1.6 billion, compared to $1.5 billion during the same month last year.

According to the statement, the Central Bank now has a total cash reserve of about $29 billion.

The Central Bank floated the Egyptian pound on 3 November 2016, aimed to unlock foreign currency inflows and crush a black market for dollars that had discouraged people from channeling foreign currency through the banking system.