Remittances from Egyptian expats increase 11.6% YoY in February

CAIRO – 13 May 2018: Remittances from expatriate Egyptians rose by 11.6 percent year-on-year in February 2018 to stand at $2 billion, compared to $1.8 billion in February 2017, the Central Bank of Egypt (CBE) said on Sunday.

Remittances jumped 24 percent year-on-year in the period between July 2017 and February 2018 to reach a record of $17.3 billion, compared to $13.9 billion the previous year, CBE data showed.

Earlier CBE data showed that remittances from expatriate Egyptians increased to $26.4 billion since floating the Egyptian pound in November 2016 and until November 2017, compared to $22.3 billion in the same period a year earlier.

Remittances increased by $2.4 billion in the period between July and November 2017 to stand at $10.4 billion, compared to $8.1 billion in the same period of 2016.

Remittances are one of Egypt’s main foreign currency sources, which have been on the rise since Egypt floated its local currency in November 2016.