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Remittances of Egyptian expatriates rose to 42.8% in May

Egyptian currency [Flickr/Emi Moriya]
Egyptian currency [Flickr/Emi Moriya]

Remittances of Egyptian expatriates rose to 42.8 per cent in May 2019.

According to the Central Bank of Egypt’s statement, released on Monday, the Egyptian expatriate’s remittances rose to $3 billion in May.

Remittances in April were worth about $2.1 billion, following the same statement.

Read: Egypt extends detention of Shaath’s son by 15 days

On a year-on-year basis, remittances rose by 15.3 per cent, worth $2.6 billion in April 2018.

Remittances carried out through the formal banking system increased after the liberalisation of the Egyptian pound on 3 November 2016, and the dollar has the same prices both at the official and black markets.

Before the decision to liberalise the pound, the dollar exchange rate difference between the official and the black market was about 100 per cent, making the black market thrive.

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