Remittances up 11.1% y-o-y since float

Remittances from Egyptian expatriates have risen 11.1% y-o-y since the EGP float in the period from November 2016 to the end of April 2017, Reuters reports, citing a CBE report. In total, remittances during the period reached USD 9.3 bn. According to the balance of payments report, remittance inflows in the first three quarters of FY 2016-17 registered USD 12.63 bn. “The float is encouraging transfers through official channels, now that the parallel market no longer offers a premium above the official rate," CI Capital Senior economist Hany Farahat told Reuters.