Remittances from Egyptians abroad rise to $3 billion in May – c.bank

By Amwal Al Ghad English On Aug 26, 2019

Egypt's central bank Egyptians central bank — Egypt's central bank (CBE)

Remittances from Egyptians abroad rose to around $3 billion at the end of May from $2.1 billion in April, the central bank said on Monday.

Remittances in May of last year were at $2.6 billion, the central bank said in a statement.

Remittances have become a crucial source of hard currency for the import-dependant country, which is working to boost exports and foreign direct investment despite a three-year $12 billion economic reform programme under the International Monetary Fund (IMF) reached in late 2016.