CAIRO: A report by the Central Bank of Egypt said the total value of remittances from Egyptians working abroad amounted to more than US $9.75 billion dollars during the fiscal year 2009/2010. The report issued by the Central Bank in September 2010 stated that the remittances of Egyptians working abroad amounted to $1.85 billion during the first quarter of fiscal year 2009/2010, declined in the second quarter to $1.72 billion, rose to $2.89 billion for the third quarter, and reached $3.29 billion dollars in the fourth quarter, making the total remittances for 2009/2010 about $9.75 billion dollars. The report also noted an increase in net international reserves at the Central Bank of Egypt, from $2.35 billion at the end of June 2010 up to $5.35 billion dollars at the end of August 2010. The numbers mean during July and August net reserves increased by $305 million, an average of 0.9 percent, during the months July and August 2010. The report explained that the official reserves and foreign currency liquidity reached $35 billion in late July 2010, down $0.1 billion from the end of June 2010. Other foreign currency assets also decreased by about $0.5 billion to reach $5.1 billion at the end of July 2010. The report showed a total surplus in the balance of payments estimated at $3.36 billion during the fiscal year 2009/2010 compared to a total deficit of $3.38 billion in the fiscal year 2008/2009. This means the current account deficit fell by 2.4 percent to a record $4.3 billion compared to $4.4 billion dollars, while the capital and financial account achieved a net inflow of U.S. $8.3 billion dollars versus $2.3 billion during the previous fiscal year. BM
