FILE – Egypt Post building in the smart village – Wikimedia Commons via Wikimedia
CAIRO – 14 September 2018: Ministries of Housing and Immigration signed Thursday a cooperation protocol that aims to facilitate the transfer of remittances from Egyptian expatriates to their families inside the country through Egypt Post.
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.
The protocol was signed by representatives of the ministries of Housing and Urban Communities, Immigration and Egyptian Expatriates Affairs, in the presence of Prime Minister Mostafa Madbouly, and Minister of Communications and Information Technology Amr Talaat.
Concerning the service introduced through the protocol, Minister of Immigration and Egyptian Expatriates Affairs Nabila Makram said that the service will help expats send their remittances to their families in the villages and even the remote parts in the governorate.
She added that the service will help increase these remittances, in cooperation with the Central Bank of Egypt (CBE) and national banks.
For his part, Talaat said that the new service is part of many services introduced by Egypt Post, adding that this service is introduced using modern systems and developed electronic devices, which helps save time and effort for expats, and which will expectedly help make Egypt Post their first choice.
The Egypt Post is a state-owned economic institution which helps achieve the state’s development goals. It was established in 1865. According to official reports in 2016, the number of Egypt Post offices reached 3,742 nationwide.
Remittances from Egyptian expatriates increased by about $4.6 billion (21.1 percent) during fiscal year 2017/2018, the Central Bank of Egypt (CBE) said in August.
This increase helped in achieving a new and unprecedented record which amounted to about $26.5 billion compared to $21.9 billion in the same period of the previous year, CBE data showed.
In the period from June to April 2017/2018, remittances jumped 16.1 percent to stand at $7 billion, compared to $6 billion in the same period of the previous year.
On July 9, the CBE announced that 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. CBE data also showed that 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.
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 from the year before, previous data showed.
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