More good news coming from Kuwait: Remittances from there have been averaging around EGP 500 mn per day over the past week, sources tell El Rai. Three major FX bureaus in Kuwait surveyed by the paper appear to indicate that Egyptians have been wiring back home around EGP 100 mn per bureau every day, with the source noting that Kuwait is home to some 40 exchanges. The source added that remittances have grown substantially since the announcement the IMF’s board approving the USD 12 bn loan to Egypt. Last week, NBE vice-president Yahia Aboul Fotouh claimed that remittances were up fourfold since last Thursday.

Meanwhile, Banque Misr has taken in USD 350 mn since the EGP float, an official from the bank tells Al Borsa. USD 300 mn have been used to clear its backlog, the official added. This comes as SAIB and United Bank have stopped selling 20% CDs after reaching their target levels, Al Borsa reports. Aboul Fotouh told Al Mal that NBE has intention at this time to halt their sale. CDs have brought in EGP 57 bn to the bank to date, he added.