Egypt expecting sharp rise in remittances from expats

The country’s Central Bank forecasts that Egyptians working abroad will sent back home USD 26 billion in the current fiscal year.

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São Paulo – Remittances to Egypt by Egyptians working abroad could reach USD 26 billion in the current fiscal year (2017/2018), against USD 17.4 billion in the previous cycle (2016/2017), according to the country’s Central Bank (picture above). The information was published this Tuesday (17) by the website of newspaper Al Ahram.

The forecast was based on remittances made from July 2017 to April 2018, which reached USD 21.9 billion. In April, remittances totaled USD 2.3 billion, against USD 1.7 billion in the same month of 2017.

According to the newspaper, remittances sent by Egyptian living abroad have been increasing since the country floated its currency in November 2016. Nearly 9.4 million Egyptians live in other countries, in a population of 104.2 million people.

Translated by Sérgio Kakitani

Khaled Desouki/AFP

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