Remittances from Egyptian expats rose 11 % in July beating expectations

Remittances from Egyptians working abroad rose 11 percent to $ 2.9 billion in July, up from $2.6 billion reported in July of 2019, according to state news agency MENA.

Egyptians working abroad sent some $17 bn into the country during the first seven months of the year, up from $ 15.7 bn in the same period last year.

Remittances, particularly from the GCC, are a crucial source of foreign currency for Egypt and helped narrow the current account deficit at the height of the outbreak in 3Q2019-2020 to $ 2.8 bn from $4.5 bn a year earlier.