Remittances from expatriate Egyptians rose 11.8% Q-o-Q (12.2% Y-o-Y) to USD4.6bn in 4Q16, the Central Bank said on Monday, adding that c72% (USD3.3bn) of which were sent after the EGP float. In December 2016, remittances went up 15.4% Y-o-Y to USD1.6bn, from USD1.4bn in December 2015. Recovery in remittances comes after consistent declines in the past six quarters, with a sharp 22% Y-o-Y weakening in 3Q16. The recovery confirms our view that, with the recent currency adjustment, Egypt is set to benefit from increase in inflows as expats are more encouraged to send money back as the off-shore parallel market disappears. (Reuters, Mohamed Abu Basha)