Remittances from Egyptian expats have risen by 11.11 percent during the period between the currency float in November and the end of April, the central bank said in a statement on Sunday. Naglaa Nozahie, the central bank's assistant sub-governor economic research, said remittances surged to $9.3 billion in the six months, compared to $8.3 billion in the same period a year earlier. In April, remittances slightly fell to $1.32 billion, compared to $1.36 billion during the same month last year. Egyptians working abroad send back billions of dollars a year in remittances, an important source of hard currency after tourism, foreign investment and exports all dwindled amid political turmoil following a 2011 revolt. Egypt's central bank floated the pound in November as part of a $12 billion International Monetary Fund lending programme aimed to lure back foreign investment.
