Cairo – Mubasher: Remittances of Egyptians abroad grew by $1.3 billion or 5% year-on-year (YoY) during 2019, initial data showed.

Egyptian expats’ remittances rose to $26.8 billion last year from $25.5 billion in 2018, the Central Bank of Egypt (CBE) said in a statement on Thursday.

The rise in remittances was ascribed to a $1.6 billion or 13.5% YoY increase in remittances during the July-December period of 2019, registering $13.7 billion from $12.1 billion.

During December 2019, remittances surged by $437.1 million or 20.1% to $2.6 billion from $2.2 billion in the same month a year earlier.