CBE: remittances from Egyptians abroad grow 11.9% y-o-y in 11 months

Remittances from Egyptians working abroad grew 11.9 percent year-on-year from January to November 2020, the central bank said in a statement on Monday.

Last year, remittances stood at $24.2 billion during the January to November 2019 period.

In November, remittance flows reached $2.6 billion, a year-on-year rise of 2.6 percent.

A key source of foreign currency for Egypt, remittances rose 10.4 percent in the 2019-2020 financial year that ended in June to a record $27.8 billion, up from $25.2 billion in the 2018/2019 year.