Egyptian expat remittances reach $27.1 bln in 11 months: Central bank

Ahram Online , Tuesday 2 Feb 2021

Remittance flows from January to November hiked 11.9 percent compared to the same period a year prior

The Egyptian Central Bank offices in Cairo, Egypt (Reuters)

Remittances from Egyptians working abroad reached $27.1 billion from January to November 2020, up from $24.2 billion a year prior, an increase of 11.9 percent, the Central Bank of Egypt (CBE) said in a statement on Monday.

CBE data shows that remittance flows in November 2020 reached $2.6 billion, a year-on-year increase of 2.6 percent, Reuters reported.

Egyptian expat remittances are considered one of the key sources of hard currency alongside the Suez Canal and the tourism sector.

In FY 2019/2020, which ended in June, remittances increased by 10.4 percent, reaching a record $27.8 billion, up from $25.2 billion in FY 2018/2019.

In the first quarter of the current FY2020/2021 (July-September), the remittances recorded $8 billion, up from $6.7 billion in the same quarter of FY2019/2020, according to CBE data.

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