The Central Bank of Egypt (CBE) said that the remittances of Egypt expatriates went up by 19.2% reaching 29.1 billion US dollars from early November 2016 to December 2017.
These remittances in addition to revenue of Suez Canal, the tourism sector and the foreign investments are the sources of hard currency in the country.
In CBEs statement it was said that the confidence of Egyptians in dealing with the Egyptian banking system is reflected in this increase.
A decision was made in early November 2016 to fully float the exchange rate of its local currency. The decision also included embarking on a three-year economic reform program which includes energy and fuel subsidy cuts and tax hikes.
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