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Egyptians abroad remittances rose by 1.5% in first quarter of current fiscal year

November 19, 2018 at 1:54 am

Egyptian pounds [emi moriya/Flickr]

The Central Bank of Egypt (CBE) announced on Sunday that the remittances of Egyptians working abroad increased by 1.5 per cent on a yearly basis in the first quarter of the current fiscal year 2018/2019.

The fiscal year in Egypt starts in early July and ends at the end of June of the following year.

Foreign workers’ remittances rose to 5.9 billion dollars in the first quarter of the current fiscal year (July-September 2018) compared to 5.8 billion dollars in the same period, the central bank revealed in a statement.

On a monthly basis, the statement indicated that Egyptian remittances rose by 20.4 per cent, reaching $ 1.8 billion in September 2018, compared to $ 1.5 billion in the same month in 2017.

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The transfer of funds by Egyptians working abroad rose by 21 per cent on a yearly basis during the fiscal year 2017/2018, reaching 26.5 billion dollars compared to 21.9 billion dollars in the previous fiscal year.

Remittances through the official banking system have increased after the liberalisation of the Egyptian pound value on November 3, 2016, and the absence of difference between the dollar prices in the official and parallel (black) markets.

Prior to the decision to liberalise the Egyptian pound value, the dollar exchange rate between the official and the parallel markets reached about 100 per cent, leading to the flourishing of the black market.