Remittances from Egyptian expats up 21.1% in FY 2017/2018

Remittances from Egyptian expats hiked by about $4.6 billion (21.1 percent) during fiscal year 2017/2018, the Central Bank of Egypt (CBE) said.

This increase helped achieve a new and unprecedented record mounting to $26.5 billion compared to $21.9 billion in the corresponding time, CBE data showed.

on the other hand, In the period from June to April FY2017/2018, remittances jumped with 16.1 percent to stand at $7.0 billion, compared to $6.0 billion in the same period last year.

Remittances from expatriate Egyptians 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.