Egyptians abroad transferred USD 4.6 bn to Egypt in Q4 of 2016, marking an 11.8% y-o-y increase, Invest-Gate reports.

In December 2016 alone, remittances rose 15.4% y-o-y  to USD 1.6 bn vs. USD 1.4 bn a year earlier, according to Central Bank of Egypt (CBE) data noted in a State Service Center statement.

The change has been attributed to the recent float of the EGP and raising key interest rates implemented as part of a basket of economic reforms.