Money transfer of Egyptians in Kuwait decline by $1b since pound crisis

Governor of Central Bank of Egypt Tarek Amer's recent visit to Kuwait aimed to discuss the decline in money transfer of Egyptians working in Kuwait, Alrai newspaper quoted Kuwaiti sources as saying on Sunday.

The decline hit about USD one billion since the starting of the crisis that rocked the Egyptian pound.

During his visit, Amer met with a number of officials in Kuwait Investment Authority and Central Bank of Kuwait.

Amer asserted that the decline came when Egyptian expatriates transferred their money to Egypt via unofficial means, the sources further said. 

He added that these unofficial money transfer ways affected one of Egypt's main sources of foreign currency which is the Egyptian expatriates' transfers.

During his visit, Amer urged to increase Kuwaiti deposits in Egypt especially via investing in the US dollar-denominated certificates "Belady", the sources said.

Source: MENA