Remittances from Egyptians abroad rose to $7.9 billion in Q3-FY2019/20

Remittances from Egyptians working abroad amounted to around $7.9 billion in the third quarter of financial year 2019/2020, up from $6.2 billion a year prior, recent government figures showed.

Net transfers reached $7.9 billion, out of which $7.799 billion private transfers which mainly consists of the remittances of Egyptians abroad. This figure grew from $6.092 billion in the corresponding period last year.

Egypt’s net foreign reserves rose to $39.22 billion at the end of October from $38.425 billion in September, the central bank said earlier this month.