File - Central Bank of Egypt. File - Central Bank of Egypt.

Egyptian expats remittances increase by 21.1% during 2017/2018 FY

Fri, Aug. 31, 2018
CAIRO – 31 August 2018: Remittances from Egyptian expats increased by about $4.6 billion (21.1 percent) during fiscal year 2017/2018, the Central Bank of Egypt (CBE) said on Thursday.

This increase helped achieve a new and unprecedented record amounting to about $26.5 billion compared to $21.9 billion in the same period during the previous year, CBE data showed.

In the period from June to April 2017/2018, remittances jumped with 16.1 percent to stand at $7.0 billion, compared to $6.0 billion in the same period during the previous year.

On July 9, CBE announced that remittances from Egyptian expatriates rose by 41.2 percent year-on-year in April 2018 to stand at $2.3 billion, compared to $1.7 billion in April 2017. CBE data also showed that in the period from July 2017 to April 2018, remittances jumped 48.2 percent year-on-year to reach a record of $26 billion, compared to $17.5 billion in the same period of the previous year.

In February 2018, remittances from Egyptian expats rose by 11.6 percent year-on-year to stand at $2 billion, compared to $1.8 billion in February 2017.

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, previous data showed.

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.



 
There are no comments on this article.

Leave a comment