Remittances from Egyptian expats reach $5.9B in Q1 2018/19

CAIRO – 19 November 2018: Remittances from Egyptian expatriates rose 1.5 percent during the first quarter of fiscal year 2018/2019, reaching $5.9 billion, compared to $5.8 billion in the same quarter of 2017/2018, the Central Bank of Egypt (CBE) said.

According to CBE data, remittances of expatriates hit $1.8 billion during September, compared to $1.5 billion during the same month of the prior year, with an increase of $298 million, or 20.4 percent.

CBE announced earlier that remittances from Egyptian expatriates increased by about $4.6 billion (21.1 percent) during fiscal year 2017/2018.

In the period from June to April 2017/2018, remittances jumped 16.1 percent to stand at $7.0 billion, compared to $6.0 billion in the same period of the previous year.

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.