{UAH} Remittances from Egyptian expats record $21.4bln in 1st 10 months of 2018

FILE - CBE

Remittances from Egyptian expats record $21.4bln in 1st 10 months of 2018

By: Egypt Today staff

 

Sat, Dec. 22, 2018

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CAIRO – 22 December 2018: Remittances from Egyptian expatriates rose 8 percent during the first 10 months of 2018, reaching $21.4 billion, compared to $19.8 billion in the same months of 2017, the Central Bank of Egypt (CBE) said. 

According to CBE's data, remittances of expatriates hit $2.1 billion during October, compared to $1.8 billion in September, with an increase of $298.9 million, or 17 percent. 

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. 

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

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

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 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. 

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Gwokto La'Kitgum

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