Money transfers of Egyptians working abroad hit a record over the past 12 months compared to the corresponding period last year, said a source at the Central Bank of Egypt on Wednesday.

Total money transfers hit 24.2 billion dollars from November 2016 to November 2017, up 20 percent than the corresponding period, the source told MENA.

It added that pound liberalization managed to end the black market in Egypt and encourage Egyptian expatriates to transfer their funds.

In November of 2016, the CBE decided to float the Egyptian pound as part of a series of steps taken to strengthen confidence in the national economy.