Remittances from Egyptian expats hit new record high in FY2017-18

Remittances from expatriate Egyptians hit another record and climbed by 21.1 percent to $26.5 billion in the 2017-2018 financial year, the central bank said on Thursday.

Remittances for the previous financial year stood at $21.9 billion, it said.

Total remittances jumped 16.1 percent during the period from April to July to around $7 billion, the central bank added.

Remittances have surged since Egypt floated its pound currency in late-2016 and drew hard currency back to its official banking system, drying up a then-thriving black market for dollars.