(Ecofin Agency) - Remittances from Egypt’s diaspora reached a record $26.5 billion during the 2017-2018 fiscal year, the country’s central bank reveals.

This represents an increase of $4.6 billion (+21.1%) compared to the volume during the previous fiscal year which stood at $21.9 billion.

These remittances are a blessing for Egypt because, as the central bank explained, they are one of the main sources of foreign currency since November 2016 when Egypt decided to float its currency.