Remittances from Egyptian expats leap to $2.3 bln in October

Remittances from Egyptian expatriates hiked 12.7 percent during October 2019, reaching $2.3 billion, compared to $2.1 billion in October 2018, according to the Central Bank of Egypt (CBE)

CBE clarified in a statement that the remittances of Egyptian expats during the first four months of fiscal year 2019/2020 (from July to October 2019) recorded about $ 9 billion, up from $ 8 billion registered during the same period of 2018, marking an increase of 13.4 percent.

Earlier, CBE announced that the remittances from Egyptian expatriates hiked 13.6 percent during the first quarter of 2019/2020, reaching $6.7 billion, compared to $5.9 billion in the same quarter of the prior fiscal year.

CBE announced in Nov. that the remittances of Egyptian expats increased by $277.1 million or 5.5 percent in July and August of 2019, reaching $4.4 billion, up from $4.2 billion during the same months of 2018.

In 2018, remittances from Egyptian expatriates hiked 3.1 percent or $778.2 million, reaching $25.5 billion, compared to $24.7 billion in 2017.

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.