Egyptian expat remittances up by 12.1% in five months: CBE

Remittances from Egyptian expats went up by 12.1 percent during first five months of FY2019/2020, from July to November 2019, recording $11.1 billion, up from $9.9 billion in the same months of 2018, according to the Central Bank of Egypt (CBE).

Remittances from Egyptians abroad increased to $128.9 billion, a year-on-year increase of 6.8 percent. In November, remittances increased to $2 billion, up from $1.9 billion in November 2018.

In October 2019, remittances from Egyptian expats jumped by 12.7 percent, recording $2.3 billion, compared to $2.1 billion in October 2018.

Egyptian expat remittances are considered one of the key sources of hard currency along with the Suez Canal and the tourism sector.