Egypt: Remittances from the diaspora reached $5.9 billion in H1, 2018/2019 fiscal year

Nov 20, 2018 | Ecofin Agency

Remittances from the Egyptian diaspora reached $5.9 billion in the first quarter of the 2018-2019 fiscal year against $5.8 billion by the same period during the 2017-2018 fiscal year.

This represents a 1.5% increase on a year to year basis according to figures published by Egypt's Central Bank. The same source reveals that in September 2018, these remittances reached US$1.8 billion against US$1.5 billion on a year to year basis.

These remittances have become one of the main sources of foreign currencies in Egypt where it is hard for authorities to boost exports and foreign direct investment despite economic reforms initiated in return for US$12 billion from the International Monetary Fund (IMF).

 

Source: Ecofin Agency