The Central Bank of Egypt (CBE) Remittances from Egyptians working abroad recorded about $ 9 billion in the first four months of the fiscal year 2019/20.
The CBE said in a statement that the transfers of Egyptians working abroad during the period from July to October 2019, the first four months of the FY 2020, increased by about $ 1 billion to record $ 9 billion compared to $ 8 billion during the same period last FY at an annual rate of 13.4%.
The bank added that the remittances of Egyptians abroad, during the month of October 2019, increased by $ 261 million to record about $ 2.3 billion, compared to about 2.1 billion dollars during October 2018.
It is noteworthy that Tarek Amer, the governor of the Central Bank said in a television interview this week that the remittances of Egyptians reached about $ 26 billion at the end of last year.
The World Bank, at the end of last month, expected that remittances of Egyptians would reach $ 26.4 billion by the end of 2019, making Egypt as the fifth highest beneficiary of remittances worldwide.
The WB said in a report that remittance flows to low and middle income countries will reach $551 billion in 2019, compared to $529 billion in 2018, with an increase of 4.7% to continue to rise to $ 597 billion By 2021.
The Bank indicated that the first five countries to benefit from remittances for 2019 are India, China, Mexico, the Philippines and Egypt.
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