Remittances soared 44% in July: CBE

CAIRO – 10 September 2017: International remittances of Egyptian workers abroad jumped 43.9 percent in July, to record $1.8 billion, compared to $1.2 billion in July 2016, the Central Bank of Egypt (CBE) announced Sunday.

In a statement, the CBE added that remittances increased from November to July by $1.9 billion to record $14.5 billion.

The CBE attributed the increase to floating the Egyptian pound in November.

Remittances hiked 11.1 percent ($930 million) to hit $9.3 billion over the six month period following the flotation (from November 2016 to April 2017), up from $8.3 billion in the same period last year, CBE said in June.

For the whole fiscal year 2016/17, remittances registered $17.4 billion, inching up two percent, according to initial data obtained by Bloomberg in August.