Remittances from Egyptians Abroad Record $7.9 Billion

Remittances from Egyptians abroad witnessed a remarkable increase in the recent period, according to government data, with total transfers amounting to about $7.9 billion in the third quarter of the fiscal year 2019/20, compared to $6.2 billion, year-on-year, with an increase of about $1.7 billion.

Data issued by the Central Agency for Public Mobilization and Statistics (CAPMAS) showed that transfers were distributed among private transfers of $7,799 billion in Q3 of FY 2019/20, compared to $6,92 billion in the same period of the 2018/19 fiscal year, While official transfers recorded $33.9 million in the third quarter of FY 2019/20, compared to $136.8 million, year-on-year.

According to the Central Bank of Egypt (CBE), Net foreign reserves rose to $39.22 billion at the end of October 2020, compared to $38.425 billion at the end of September, an increase of about $790 million.

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.

Remittances from Egyptians working abroad are considered the fifth in the world in 2019, according to data issued by the World Bank. The remittances of Egyptians represent a key element in the process of providing foreign currency to the country, as remittances from Egyptians working abroad recorded about  25.15 billion in FY 2019/18.