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| 06 March, 2017

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

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

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
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))