Egypt expats' remittances up 19.6% in Q3

Remittances of Egyptians who are working abroad have increased 19.6 per cent during the third quarter of the current financial year 2020-21, the Central Bank of Egypt (CBE) announced yesterday.

In an official statement, the CBE said the remittances had risen by $1.3 billion, hitting a total of $8 billion, compared to $6.7 billion during the same period last year.

“In September, remittances grew by an annual rate of 16 percent, recording $2.7 billion, up from $2.3 billion during the same month of 2019,” the CBE pointed out.

The bank noted that the remittances had also jumped to $22.1 billion during the period from January to September 2020, up from $19.8 billion in the same period of 2019, marking an annual increase of 11.6 per cent.

“Remittances from Egyptians abroad reached a historical level during the last financial year 2019-20, with a total of $27.8 billion, compared to about $25.2 billion the year before,” the statement read.

Egypt’s financial year begins in early July and lasts until the end of June of the following year.

READ: Egypt energy subsidies down by 46% in 3 months