The Central Bank of Egypt (CBE) said remittances of Egyptian expatriates, one of the country’s main sources of foreign currency, leaped to almost USD 3 (EGP 49.7) bn in May, up 43% from USD 2.1 (EGP 34.8) bn a month earlier, Invest-Gate reports.
Remittances stood at nearly USD 2.6 bn in May 2018, the CBE said in an official statement on August 26.
Egypt’s remittances have been springing since the EGP flotation in November 2016, with the currency’s value plummeting against the USD from EGP 8.8 to a current average of EGP 16.55.
In the first 13 months after the devaluation decision, remittances leaped by 18.4% to USD 26.4 bn, higher from USD 22.3 bn in the prior-year period, the central bank revealed in a previous statement.
