Remittances of Egyptian expats hit $31.4bln in FY20/21

Egyptian expats' remittances reached $2.9bln in June

  
An employee counts Egyptian pounds at a foreign exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose.

An employee counts Egyptian pounds at a foreign exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

Cairo – Remittances of Egyptians living abroad increased by $3.7 billion or 13.2% to a record $31.4 billion in fiscal year (FY) 2020/2021, compared to $27.8 billion a year earlier, according to initial data.

Over the April-June period, remittances of expatriates surged by 29.6% to $8.1 billion, compared to $6.2 billion in the year-ago period, the Central Bank of Egypt (CBE) said in a statement on Wednesday.

As for June, remittances rose by 15.5% on an annual basis to reach $2.9 billion from $2.6 billion in June 2020.

Source: Mubasher

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