Central Bank: Egypt's remittances drop 26 percent

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CAIRO: Egypt s Central Bank is reporting a nearly 26 percent decline in remittances for the first three months of the year. That s another drop in one of the country s major foreign currency earners as the global economy contracts.

The Central Bank s monthly bulletin, posted Friday, showed remittances declined to $1.7 billion in the third quarter of the 2008-2009 fiscal year from about $2.3 billion in the previous quarter. It was the lowest quarterly figure since June 2007.

Egypt s other top sources of foreign currency are Suez Canal revenues and tourism. Canal revenues dropped by more than 7 percent this year.

Officials said the global downturn would shrink Egypt s 7 percent growth rate in recent years to 4 percent in 2008 and 2009. -AP

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