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| 06 March, 2017

Remittances from Egyptians at $5bln in three months after currency float -c.bank

An employee counts money at an exchange office in downtown Cairo June 5.

An employee counts money at an exchange office in downtown Cairo June 5.

REUTERS/Amr Abdallah Dalsh

The central bank floated the Egyptian pound on Nov. 3, aiming to unlock foreign currency inflows and crush a black market for dollars

CAIRO, March 6 (Reuters) - Remittances from Egyptians abroad increased by 20 percent year-on-year in the three months following the country's November currency float, totalling about $5 billion, a central bank statement said on Monday.

Remittances for the month of January were up 23 percent year-on-year, reaching $1.6 billion, the statement said.

The central bank floated the Egyptian pound on Nov. 3, aiming to unlock foreign currency inflows and crush a black market for dollars that had discouraged people from channelling foreign currency through the banking system.

(Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Toby Chopra) ((eric.knecht@thomsonreuters.com; +20 2 2394 8102; Reuters Messaging: eric.knecht.thomsonreuters.com@reuters.net))