Remittances from Egyptian expats amount to $29B in 14 months

CAIRO – 11 February 2018: The Central bank of Egypt (CBE) said that the total remittances from Egyptian expatriates recorded $29.1 billion during the period from November 2016 to December 2017, compared to $24.4 billion in the same period of 2015/2016, according to a statement published on Sunday.

The statement showed that the total remittances achieved a 19.2 percent increase of $4.7 billion.

The CBE explained that the total remittances in December 2017 increased 29.3 percent to $2.6 billion, compared to $2 billion in December 2016.

In June 2017, the African Economic Outlook report expected that Egypt becomes the largest receiver of foreign direct investment (FDI) in Africa in 2017, at a level of $9.5 billion.

The influx of FDI in Africa is forecasted to grow 2 percent in 2017 to record $57.5 billion, with Ethiopia and Morocco following Egypt at $4.4 billion and $4.3 billion, respectively, said the report published in June.

Remittances from Egyptian expatriates rose by 43.9 percent in July 2017 to reach $1.8 billion, compared to $1.2 billion in July 2016, according to the Central Bank of Egypt (CBE).