The volume of remittances of Egyptians working abroad during the period from November 2016 to October 2017 reached $24.2bn, up from $20.2bn between November 2015 and October 2016—an increase of $4bn, according to the Central Bank of Egypt (CBE).
The CBE stated that remittances in October 2017 alone amounted to $2.2bn, compared to $1.6bn year-on-year, up by 38.9%.
According to the CBE, the increase is one of the most important results of the floatation decision on 3 November 2016, and proof that Egyptians are confident in the banks in Egypt.
According to Mohamed Abdel Aal, a member of the board of directors of Suez Canal Bank, the deposits of Egyptians working abroad is one of the most important sources of foreign exchange in Egypt, pointing out that Egypt is one of the most prominent countries that receives remittances, ranking sixth in the list of countries receiving them.
The total remittances of Egyptians in FY 2014/2015 reached $19bn, yet, a big part of that figure was sold on the black market prior to the floating of the pound, but returned to official channels after it.
Over the past years, there have been many initiatives to encourage Egyptians abroad to transfer savings and exchange them through banks instead of the black market. However, these initiatives did not receive the desired response. There was a big difference between the official price of the dollar at banks and its price on the black market, a situation that changed after the floatation.