7 January 2013

Egypt: Prime Minister - Foreign Remittances Up 40 Percent in 2011

Foreign remittances to Egypt jumped by 40 percent in 2011 compared to the previous year, boosting the foreign cash reserve, said Prime Minister Hisham Qandil on Sunday 6/1/2013.

The remittances were the largest source of the foreign currency during the past two years, Qandil told a news conference at the presidential palace.

The premier also noted that a seven-point plan has been offered by the government to address the budget deficit.

He said a program for economic and financial reform should be carried out to lure more financial flows into the economy.

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