Officials and bankers said that Egyptians working abroad have begun sending more money home since the country sharply devalued its currency last week.
It is worth noting that on March 6, Egypt cut the Egyptian pound to about 50 to the dollar from just under 31 pounds, which had been fixed for the previous 12 months. Since then, the pound has gradually strengthened, trading at 48.40 on Wednesday, according to the “Zawya” website.
Four bankers told Reuters remittances had surged in the week since the devaluation. Egyptians abroad had been holding onto their funds or sending them home outside the banking system via the black market, where the pound last month fell to as low as 70 to the dollar, bankers and economists said.
Prime Minister Mostafa Madbouly also said remittances had been increasing without giving figures.
The devaluation was part of Egypt’s $8 billion financial support agreement with the International Monetary Fund last week.
