Remittances from Egyptians abroad up by 20.4% in September 2018

The Central Bank of Egypt (CBE) announced a rise in remittances from Egyptians working abroad by 20.4 percent ($298 million) in September, reaching about $1.8 billion compared to $1.5 billion during the same month last year.

The CBE said in a statement on Sunday that remittances during the first quarter of the fiscal year 2018-2019 increased by 1.5 percent to around $5.9 billion, up from $5.8 billion in the same period last year.

Egyptian expatriates send back billions of dollars a year in remittances, which serves as an important source of hard currency.

The Suez Canal and remittances from Egyptians living abroad are two main sources of foreign currency coming into the country, while the tourism sector is struggling since the downing of a Russian passenger jet in October 2015.

Egypt floated the national currency in November 2016, decreasing the value of the pound by about half.

Edited translation from Al-Masry Al-Youm

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