Remittances from Egyptian expats jump to $5.2 in January, February

CAIRO – 16 April 2020: Remittances from Egyptian expatriates jumped 33.6 percent or $1.3 billion during the first two months of 2020 to record $5.2 billion, compared to $3.9 billion during the same months of 2019, according to the Central Bank of Egypt (CBE).

CBE clarified Thursday that remittances from Egyptian expatriates climbed during January 2020 to $2.6 billion, compared to $2.1 billion during January 2019, marking an increase of 27.8 percent.

As per February 2020, the central bank stated that the remittances climbed 40.4 percent to hit $2.6 billion, up from $1.8 billion during the same month of 2019.

Earlier, Governor of CBE Tarek Amer said that remittances from Egyptian expatriates amounted to $34 billion during 2019, and not $26 billion as Egypt’s central bank announced earlier.

Amer’s statement came after CBE had stated that Remittances from Egyptian expatriates hiked 5 percent or $1.3 billion during 2019, reaching $26.8 billion, compared to $25.5 billion in 2018.

CBE attributed the increase to the hike of the remittances of Egyptians abroad during the second half of 2019 by 13.5 percent or $1.6 billion, to reach $13.7 billion, compared to $12.1 billion in the same period of 2018.