Remittances from Egyptian expats increase 41.2% YoY in April

CAIRO – 9 July 2018: Remittances from Egyptian expatriates rose by 41.2 percent year-on-year in April 2018 to stand at $2.3 billion, compared to $1.7 billion in April 2017, the Central Bank of Egypt (CBE) said on Monday.

In the period from July 2017 to April 2018, remittances jumped 48.2 percent year-on-year to reach a record of $26 billion, compared to $17.5 billion in the same period of the previous year, CBE data showed.

CBE announced earlier that remittances from Egyptian expats rose by $3.6 billion in the first nine months of fiscal year 2017/2018, recording $19.53 billion, compared to $15.8 billion in the same period of the prior year.

In February 2018, remittances from Egyptian expats rose by 11.6 percent year-on-year to stand at $2 billion, compared to $1.8 billion in February 2017.

Remittances from expatriate Egyptians increased to $26.4 billion since floating the Egyptian pound in November 2016 and until November 2017, compared to $22.3 billion in the same period a year earlier, previous data showed.

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.