Remittances from Egyptian expats jump to $6.7 in Q1 2019/20

CAIRO – 21 May 2020: Remittances from Egyptian expatriates rose $800 billion during the first quarter of 2019/2020 to record $6.7 billion, compared to $5.9 billion during the same period of 2018/2019, according to official data.

Official transfers recorded about $63.5 million in the first quarter of the fiscal year 19/20, compared to $47.7 million in the same quarter of the fiscal year 18/19, marking an increase of about $15.8 million

While the volume of private transfers reached about LE 6630 million, compared to LE 5861 million during the compared period, marking an increase of about 4769 million.

Remittances from Egyptian expatriates jumped 33.6 percent or $1.3 billion during the first two months of 2020 to record $5.2 billion, compared to $3.9 billion during the same months of 2019, according to the Central Bank of Egypt (CBE).

CBE clarified Thursday that remittances from Egyptian expatriates climbed during January 2020 to $2.6 billion, compared to $2.1 billion during January 2019, marking an increase of 27.8 percent.

As per February 2020, the central bank stated that the remittances climbed 40.4 percent to hit $2.6 billion, up from $1.8 billion during the same month of 2019.

Earlier, Governor of CBE Tarek Amer said that remittances from Egyptian expatriates amounted to $34 billion during 2019, and not $26 billion as Egypt’s central bank announced earlier.