Preliminary Data from the Central Bank of Egypt (CBE) revealed a 10.4% increase in remittances from Egyptians working abroad during fiscal year (FY) 2019/20. The latest figure reflects remittances have reached their highest historical level of about $27.8bn, compared to about $25.2bn during FY 2018/19.
In a statement on Wednesday, the CBE added that remittances from Egyptians working abroad increased by 33.7% during June 2020 to about $2.6bn, compared to about $1.9bn during June 2019.
It pointed out that those remittances had declined during the period from April to June 2020 by 10.5%, to record about $6.2bn. This compared to about $6.9bn during the period from April to June 2019.
The remittances of workers abroad are one of the most important sources of foreign currency for Egypt. The country ranks among the largest recipient countries of these remittances in the world.