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Egypt expat remittances increase 8% in first ten months of 2018

An employee counts banknotes at currency exchange shop in Cairo, Egypt on 3 November 2016 [KHALED DESOUKI/AFP/Getty Images]
An employee counts banknotes at currency exchange shop in Cairo, Egypt on 3 November 2016 [KHALED DESOUKI/AFP/Getty Images]

The Central Bank of Egypt (CBE) said yesterday that the remittances of Egyptian expatriates have increased by eight per cent during the first ten months of 2018 compared to the same period last year.

In a statement, the bank said that Egyptian expats’ remittances have increased by $1.6 billion to reach $21.4 billion during the period from January to October, compared with $19.8 billion during the corresponding period of 2017.

The total value of remittances have increased by 16.6 per cent from September to reach $2.1 billion in October.

The remittances of Egyptian expats have been on the rise since Egypt floated its local currency in November 2016.

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