Remittances from Egyptian expats reached $26bn in 2019

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Remittances from Egyptian expats reached $26bn in 2019

Egyptian expats sent a record $26.8bn to Egypt last year, according to figures published last week by the Central Bank of Egypt (CBE).

The sums represent a 5% increase YoY, a rise on 2018 of more than $1.3bn, according to Reuters.

Total remittances emittances rose to $26.8 bn in 2019 from $25.5bn in 2018, the CBE said in a statement on Thursday.

The figures show a surge in December, with remittances rising by $437m or 20.1%. The month saw a rise YoY from $2.2bn in December 2018 to $2.6bn for the same month last year.

According to figures from Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) there are 9.47m Egyptian expat, 6.23m of whom live in the Arab world.

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.