Remittances from Egyptians living abroad have risen to $4.4 billion in July and August 2019, the Central Bank of Egypt (CBE) announced yesterday.
In May, Egyptian expatriates’ remittances were reported to have risen by 42.8 per cent, reaching $3 billion. In 2018, remittances stood at $4.2 billion.
Remittances are one of the primary sources of foreign currency into Egypt.
Remittances have been increasing following the Egyptian pound flotation in November 2016. Before that, the US dollar exchange rate was doubled in the black market in comparison to its official rate in local banks.
According to official data, there are around 9.4 million Egyptians, out of Egypt’s 104.2 million total population, living abroad.