Remittances from Egyptian expats hike to $26.8B in 2019

CAIRO – 19 March 2020: Remittances from Egyptian expatriates hiked 5 percent or $1.3 billion during 2019, reaching $26.8 billion, compared to $25.5 billion in 2018, the Central Bank of Egypt (CBE) stated Thursday.

CBE attributed the increase to the hike of the remittances of Egyptians abroad during the second half of 2019 by 13.5 percent or $1.6 billion, to reach $13.7 billion, compared to $12.1 billion in the same period of 2018.

In December 2019, remittances from Egyptian expatriates hiked 20.1 percent or $437.1 million, reaching $2.6 billion, compared to $2.2 billion in December 2018.

CBE clarified earlier in a statement that the remittances of Egyptian expats during the first four months of fiscal year 2019/2020 (from July to October 2019) recorded about $ 9 billion, up from $ 8 billion registered during the same period of 2018, marking an increase of 13.4 percent.

Earlier, CBE announced that the remittances from Egyptian expatriates hiked 13.6 percent during the first quarter of 2019/2020, reaching $6.7 billion, compared to $5.9 billion in the same quarter of the prior fiscal year.

CBE announced in Nov. that the remittances of Egyptian expats increased by $277.1 million or 5.5 percent in July and August of 2019, reaching $4.4 billion, up from $4.2 billion during the same months of 2018.

In 2018, 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.