File – CBE
File – CBE

Remittances from Egyptian expats rise to $25.5B in 2018

Tue, Feb. 12, 2019
CAIRO – 29 January 2018: Remittances from Egyptian expatriates hiked 3.1 percent or $778.2 million during 2018, reaching $25.5 billion, compared to $24.7 billion in 2017, the Central Bank of Egypt (CBE) said.

During the first 11 months of 2018, remittances of expatriates hit $23.3 billion, compared to $22.1 billion in January-November period of 2017, with an increase of 5.7 percent.

Remittances from Egyptian expats record $23.3B in 1st 11 months of 2018

CAIRO - 29 January 2018: Remittances from Egyptian expatriates rose 5.7 percent during the first 11 months of 2018, reaching $23.3 billion, compared to $22.1 billion in the same months of 2017, the Central Bank of Egypt (CBE) said.




In December, remittances of expatriates jumped $210.2 million on a month-on-month basis, to hit $2.2 billion, compared to $1.9 billion in November 2018.

CBE announced earlier that remittances from Egyptian expatriates rose 1.5 percent during the first quarter of fiscal year 2018/2019, reaching $5.9 billion, compared to $5.8 billion in the same quarter of 2017/2018.

Moreover, remittances from Egyptian expatriates increased by about $4.6 billion (21.1 percent) during fiscal year 2017/2018.

Remittances from Egyptian expatriates 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 of the previous year, 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.
 
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