Remittances from Egyptian expats record $3B in May

CAIRO – 26 August 2019: Remittances from Egyptian expatriates hiked $894.7 million during May 2019, reaching $3 billion, compared to $2.1 billion in April 2019, the Central Bank of Egypt (CBE) said.

On an annual basis, remittances of expatriates rose by $390.1 million during May 2019, compared to May 2018, recording LE 2.6 billion.

During 2018, CBE announced that remittances from Egyptian expatriates hiked 3.1 percent or $778.2 million, reaching $25.5 billion, compared to $24.7 billion in 2017.
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.