Remittances from Egyptian expats rise to $6.7B in Q1 of 2019/20

CAIRO – 17 December 2019: Remittances from Egyptian expatriates hiked 13.6 percent during the first quarter of 2019/2010, reaching $6.7 billion, compared to $5.9 billion in the same quarter of the prior fiscal year, the Central Bank of Egypt (CBE) stated Tuesday.

CBE announced in Nov. that the remittances of Egyptian expats increased by $277.1 million or 5.5 percent in July and August of 2019, reaching $4.4 billion, up from $4.2 billion during the same months of 2018.

In 2018, remittances from Egyptian expatriates hiked 3.1 percent or $778.2 million, reaching $25.5 billion, compared to $24.7 billion in 2017.

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.