Remittances of Egyptians abroad hit $21.4 bn in 10 months: CBE

23 Dec 2018

Cairo: The money transfer of Egyptians working abroad hit $21.4 billion in ten months, up 8 percent from the same period of last year, said the Central Bank of Egypt (CBE) on Thursday.

In a statement, the CBE said the total money transfer of Egyptians abroad reached in October $2.1 billion in October compared to September $1.8 billion in September.

Remittances are one of Egypt’s main foreign currency earners and contribute significantly to Egypt’s gross domestic product (GDP).

Egypt’s GDP grew by 5.4 percent in the 2017-2018 fiscal year that ended on 30 June, Prime Minister Mostafa Madbouly said earlier this month.

Egyptian expatriates have been increasingly sending back remittances to Egypt following the floatation of the Egyptian pound in late 2016.

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