Egyptians abroad sending more money home after devaluation ...Kuwait

The New Arab - News

On 6 March, Egypt cut the Egyptian pound to about 50 to the dollar from just under 31 pounds, where it had been fixed for the previous 12 months. Since then, the pound has gradually strengthened, trading at 48.40 on Wednesday. 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 financi

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Last updated : 14 March 2024 clock 01:16 PM

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