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Usage of cards abroad dropped by 55% following flotation: CBE

Egyptians usage of cards abroad dropped by a value of $223m in November and December 2016, following the Central Bank of Egypt (CBE) decision to float the national currency—a drop of 55% compared to the same months in 2015. In a press release on Tuesday, CBE stated that data from banks indicate that payments via …

Hossam Mounir

Egyptian remittances amount to $4.6bn in Q4 2016: CBE

Total remittances sent home from Egyptians working abroad rose during the period between October and December 2016 by about $500m, reaching $4.6bn; compared to $4.1bn during the same period in 2015—a growth of 11.8%, according to the Central Bank of Egypt (CBE). Remittances from abroad are considered one of the most important resources for foreign …

Hossam Mounir

CBE

International reserves reach $26.363bn in January, increase by $2.1bn 

The Central Bank of Egypt has announced on Sunday that Egypt’s international reserves reached $26.363bn in January, marking an increase of almost $2.1bn from December 2016’s value of $24.265bn. Since 2011, Egypt’s foreign currency reserves have been constantly drained at unsustainable rates to prevent currency devaluation. By October 2016, foreign reserves had dropped to $19bn …

Mohamed Samir