Money transfers from Egyptians working abroad have increased by 11.18% during the second quarter of the current fiscal year, as shown by the initial data of the Central Bank of Egypt (CBE).
Transfers totaled $4.6 billion in the three-month period that ended in 31 December 2016, compared to nearly $4.1 billion in the same period the year before.
Nearly 72% of the transfers, approximately $3.3 billion, were transferred to Egypt in November and December, after the CBE decision to float the Egyptian pound and to free exchange rates.
The data also showed a surge in transfers by 15.4% in December 2016 to $1.6 billion up from $1.4 billion in December 2015.
