The Central Bank of Egypt (CBE) has announced that remittances from Egyptian expats, one of the country’s main sources of foreign currency, jumped by 20.4% YoY in September to reach USD 1.8 bn, up from USD 1.5 bn in the same month in 2017, Invest-Gate reports.

During Q1 of FY 2018/19, remittances surged by 1.5% to USD 5.9 bn, up from USD 5.8 bn in the year-ago period, CBE revealed in an official statement on November 18.

Egypt’s remittances have been leaping since the pound flotation in November 2016, with the currency’s value plummeting against the USD from EGP 8.8 to a current average of EGP 17.8.

In the first 13 months after the flotation of the Egyptian pound, remittances hiked by 18.4% to USD 26.4 bn, up from USD 22.3 bn during the corresponding period of 2017, the CBE said in a previous statement.