Remittances from Egyptian expats record hight level ever in 2019/2020 at $27.8B

CAIRO – 28 October 2020: Remittances from Egyptian expatriates hiked 10.4 percent during the fiscal year of 2019/2020 to reach $27.8 billion, recording its highest record ever, compared to $25.2 billion during the fiscal year of 2018/2019, according to the Central Bank of Egypt (CBE). 

CBE clarified Wednesday that remittances from Egyptian expatriates climbed 33.7 percent during June 2020 to jump to $2.6 billion, compared to $1.9 billion during June 2019. 

During April-June 2020, remittances from Egyptian expatriates declined 10.5 percent, recording $6.2 billion, compared to $6.9 billion during the same period of prior year, the issued data revealed.

Moreover, 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.

CBE clarified earlier 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.

Previously, 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.