Remittances from Egyptians abroad rise 21.1 pct in fiscal year

Remittances from Egyptians abroad rose 21.1 percent to $26.5 billion in the 2017-2018 financial year, the central bank said on Thursday.

Remittances for the previous financial year stood at $21.9 billion, it said.

Egypt’s fiscal year runs from July to June.

Remittances have surged since Egypt floated its pound currency in late-2016 and drew hard currency back to its official banking system, drying up a then-thriving black market for dollars.