Egypt Says Remittances, Foreign Inflows Jump After Float
- Transactions show confidence in economy after currency float
- Foreign reserves at highest level in more than five years
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Remittances from Egyptians working abroad are surging and foreigners bought more than $250 million in local assets on Sunday alone, further signs of growing confidence in the nation’s economy after it floated the currency and secured a $12 billion IMF loan.
Expatriate workers sent home $4.6 billion in the fourth quarter of 2016, up 12 percent from a year earlier, and most of it transferred after the pound was floated on Nov. 3, the central bank said in a statement on Tuesday. Rami Aboul Naga, assistant sub-governor at the bank, told Bloomberg News separately that most of Sunday’s foreign inflows were in local-currency debt.