RIF Trust expands its presence in Middle East and Africa to provide smooth and transparent process of residency and citizenship by investment    EGX in a chronic crisis... Is it time to intervene?    Ministry of Finance plans to issue 28 T-bill, bond offerings worth EGP 251bn in July    Amazon Egypt provides up to 60-month instalment plans through valU    RIF Trust expands its presence in Middle East and Africa to provide smooth and transparent process of residency and citizenship by investment    CEMEX, VeryNile sign protocol drawing clear line for lifecycle of solid waste dumped in Nile River    Health Minister follows up on health status of Egyptian pilgrims in holy lands    Arab ministers of foreign affairs renew support for Lebanon    President Al-Sisi directs to accelerate development process of Lake Manzala    Baron Empain Palace celebrates 2-year anniversary of reopening    Baron Empain Palace celebrates 2-year anniversary of reopening    Egypt's President Al-Sisi delivers speech on June 30th Revolution's anniversary    Egypt's President Al-Sisi delivers speech on June 30th Revolution's anniversary    Opinion| Mohamed Salah, Serena Williams, and work environments    Opinion| Mohamed Salah, Serena Williams, and work environments    Opinion| Mohamed Salah, Serena Williams, and work environments    Egypt's art scene and the June 30 Revolution    Egypt's economy records 4.4% growth during Q1 –minister    U.S. 500 Global to open office in Egypt    Saudi wealth fund to buy new stakes in two Egyptian firms    'Sahsah' is a gift to my Egyptian fans: Nancy Ajram    Erdogan keen to end rupture with Egypt – Turkish media    Egypt's Sisi invited as chief guest for India's 75th Republic Day Celebrations    Tech giant Apple 'expresses interest' in acquiring Manchester United – report    Ivanka Trump explores "beauty of Egypt" by sharing family photos at Giza Pyramids    Egypt has signed projects worth $15 billion at COP27; environment minister says    Egypt launches 1st eco-friendly water bottle alternative to plastic during COP27    UAE's EAD, MOCCAE, Al Futtaim sign MoU to reduce single use plastics on sideline of COP27    Egypt operates solar-powered cars at 2 archaeological sites in Luxor    Egypt launches 200 Years of Continuing Science tourism campaign    QNB Group names TikToker Khaby Lame official FIFA World Cup Qatar 2022 brand ambassador    Three possible scenarios as Egypt's central bank governor resigns – MP    Adele is living a love story, wants to be a homemaker    In Photos: Egypt swears in 13 new ministers after major Cabinet reshuffle    Egypt's Sisi names 13 ministers in Cabinet reshuffle    Spain: prosecutor seeks 8 years sentence for Shakira over tax evasion    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egyptian expat remittances increase to $5.2 bln in two months, up 33.6%
Published in Ahram Online on 16 - 04 - 2020

The Central Bank of Egypt (CBE) announced Thursday that Egyptian expat remittances rose to $5.2 billion during January and February, up from $3.9 billion during the same months in 2019.
CBE data showed that remittances saw an increase by $1.3 billion with an annual growth of 33.6 percent, recording $2.6 billion in January, up from $2.1 billion in January 2019.
Meanwhile, remittances rose on an annual basis by 40.3 percent in February, reaching $2.6 billion, up from $1.8 billion in February 2019.
In February, the CBE announced that remittances from Egyptian expats went up by 12.1 percent during the first five months of FY2019/2020, from July to November 2019, recording $11.1 billion, up from $9.9 billion in the same months of 2018.
Remittances from Egyptians abroad increased to $128.9 billion, a year-on-year increase of 6.8 percent. In November, remittances increased to $2 billion, up from $1.9 billion in November 2018.
Egyptian expat remittances are considered one of the key sources of hard currency along with the Suez Canal and the tourism sector.
Experts told Ahram Online recently that the government and CBE have to provide incentives for Egyptians abroad in order to encourage them to transfer their remittances to back Egypt's foreign reserves that can protect Egypt's economy against the harsh impacts of the Covid-19 pandemic.
In March, Egypt's net international reserves (NIR) dropped to $40,108 billion, down from $45,510 billion at the end of February, according to CBE data.
The CBE attributed the decline to the unprecedented blow to global financial markets arising from the coronavirus pandemic, which caused the sharpest portfolio flow reversal on record from emerging markets, including the Egyptian market.


Clic here to read the story from its source.