Remittances from Egyptians abroad increased by 10.4%, to record its highest historical level during the fiscal year 2019/20, Central Bank of Egypt (CBE) data showed.
In a statement issued on Wednesday, CBE stated that remittances from Egyptians working abroad amounted to about $27.8 billion during FY 2019/20, compared to about $25.2 billion during the FY 2018/19.
In June, remittances increased by 33.7% to reach about $2.6 billion, compared to $1.9 billion a year earlier.
However, remittances declined during the April / June period by 10.5% year-on-year to record $6.2 billion compared to about $6.9 billion.
Data also showed an increase in foreign exchange reserve to reach $38.425 billion by the end of September, up by $59 million from $38.366 billion in August, and $38.314 billion in July.
On May 12, Egypt received $2.7 billion under the International Monetary Fund (IMF) Rapid Financing Facility (RFI). It also reached a 12-Month Stand-By Arrangement (SBA), valued at $5.2 billion to help maintain macroeconomic stability amid the COVID-19 crises while continuing to advance key structural reforms.
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