Egypt: remittances from the diaspora up by 21.1% during 2017-2018 fiscal year
Thursday, 06 September 2018 15:01
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.
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