Egypt remittances in July hit highest point in 5 months at $3 bln

Remittances serve as a critical source of foreign exchange liquidity in Egypt.

Its inflows to the country improved drastically following the policies announced by the CBE on 6 March and floating the pound to comply with Egypt's commitment to adopting a flexible exchange rate under the $8 billion loan agreement with the International Monetary Fund (IMF).

They increased significantly by 61.54 percent from $1.3 billion in February to $2.1 billion in March.

The flotation of the Egyptian pound in March resulted in unifying the foreign exchange rate and raising the value of the Egyptian pound against the dollar to EGP 48.44, up from approximately EGP 30.9.