Remittances of Egyptian expats hit $4.4bn

Pedro Gonçalves
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Remittances of Egyptian expats hit $4.4bn

Remittances from Egyptians expats have increased by 5.5% ($227.1m) in July and August, reaching $4.4bn, according to the figures from the Central Bank of Egypt (CBE).

Money sent home by Egyptian living and working abroad along with the revenues of the Suez Canal, the tourism sector and foreign investments are the major sources of hard currency in the country.

"The remittances reached $4.4bn in July and August, compared to $4.2bn in the same period last year," the CBE said in a statement.

The remittances reached $4.4bn in July and August, compared to $4.2bn in the same period last year"

Egypt's remittances notably jumped after about a year since the flotation of the Egyptian pound, which was implemented in November 2016, rising by 18.4%, recording $26.4bn.

The CBE previously announced that remittances from Egyptians expatriates had increased by 15% in May 2019 compared to the same period in 2018, recording $3bn up from $2.6bn in May 2018.

The country has implemented economic reform in order to secure a $12bn loan from the International Monetary Fund.

 

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