Egypt reports $2.5bn increase in remittances from expatriate workers in 10 months: CBE

Daily News Egypt
1 Min Read
The Central Bank of Egypt (CBE) has said that portfolio investment flows directed to emerging markets (EMs) will witness a slow and uneven recovery in favour of regions with the strongest economic recovery.

The Central Bank of Egypt (CBE) has announced that remittances sent by Egyptians abroad recorded a $2.5bn increase during the 10-month period covering July to April of fiscal year (FY) 2020/21. 

The figure represented an increase of 10.5%, ensuring that Egypt received about $25.8bn in remittances. 

This compared to the $23.4bn in remittances sent by expatriate workers during the same period in FY 2019/20.

The data also showed an increase in those transfers during the month of April 2021, at an annual rate of 34.0%, to record about $2.5bn compared to about $1.8bn in April 2020.

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