The Central Bank of Egypt (CBE) said remittances from Egyptian expats rose 40% year-on-year in August, Reuters reports.

Remittances reached USD 16.3 bn since Egypt floated its currency in November through August, a 17.35% increase, a CBE statement read.

According to recent census figures, approximately 9.4 mn Egyptians live abroad, out of a total of 104.2 mn.

Egypt has recently been encouraging Egyptian expatriates to send hard currency to the country in order to diversify its sources of foreign currency.