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

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.

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