Remittances from Egyptian expats to reach $26B in 2017/18: CBE

CAIRO – 18 July 2018: The Central Bank of Egypt (CBE) expected Tuesday in a report that remittances from Egyptian expatriates will reach $26 billion during fiscal year 2017/2018.

The report attributed this expectation to the actual amount of remittances that recorded $21.9 billion during the period from July-to-April in 2017/2018.

CBE announced earlier 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.

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, CBE data showed.

CBE announced earlier that remittances from Egyptian expats rose by $3.6 billion in the first nine months of fiscal year 2017/2018, recording $19.53 billion, compared to $15.8 billion in the same period of the prior year.

Remittances from 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 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.