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Remittances from Egyptian expats rise to $27.8bn in FY19/20

Remittances from Egyptian expats rise to $27.8bn in FY19/20
Remittances surged by 33.7% in June

Cairo – Mubasher: Remittances from Egyptians living abroad increased by 10.4% to a record high of $27.8 billion in fiscal year 2019/2020, compared to $25.2 billion a year earlier, according to data by the Central Bank of Egypt (CBE).

In June, Egyptians’ remittances surged by 33.7% to $2.6 billion from $1.9 billion in the same month a year earlier, data showed on Wednesday.

It is noteworthy to mention that in the April-June period, remittances from Egyptian expats retreated by 10.5% to $6.2 billion from $6.9 billion in the year-ago period.

At the end of September, the country’s international foreign reserves increased by $59 million to $38.425 billion from $38.366 billion in August.