News

August Remittances from Egyptians Abroad up 40 Percent

August Remittances from Egyptians Abroad up 40 Percent

Money sent back to Egypt from Egyptian expatriates increased with 40 percent in August compared to August last year, a Central Bank Statement read, as reported by Reuters.

Since November, when Egypt liberalized its currency, through August, remittances amounted to a total of $US 16.3, representing a 17.3 percent jump.

The increase in remittances means that the country gains additional foreign currency, which it has direly needed since the currency float last year.

As part of a wider program to reform its struggling economy, Egypt’s Central Bank floated the Egyptian pound to abide by one of the IMF’s key demands to issue a $US 12 billion loan to the country.

The IMF said that the move would make foreign exchange more readily available to Egypt, improve its international competitiveness as well as support the export market, its flailing tourism sector and attract more foreign investments.

Floating the currency – meaning that the Central Bank no longer is able, as before, to control the value of the Egyptian pound against other currencies – led to soaring inflation; some products recorded as much as 50 percent price increases.

Total foreign reserves in September recorded $US 36.5 billion.

According to recent figures released by Egypt’s official statistics agency CAPMAS, the Egyptian population totals 104.2 million, including 9.4 million living abroad.

Egyptians Celebrate the First World Cup Qualification in 28 Years
Egyptian Ramadan Darwish Wins Gold Medal at the Judo Grand Prix in Uzbekistan

Subscribe to our newsletter


News

More in News

Egypt’s House of Representatives Approves a $500 Million Loan to Reform Education

Marwan ShalabyJuly 18, 2018

Egyptian Parliament Passes New Law to ‘Fight Fake News’

Mirna AbdulaalJuly 18, 2018

Egyptian Military Officers May Receive Immunity Over 2013 Muslim Brotherhood Crackdown

Sabah KhodirJuly 17, 2018

Foreign Residents To Be Granted Egyptian Nationality For a Deposit of 7 Million LE

Mirna AbdulaalJuly 16, 2018

Case Of Three Slaughtered Children Found in Plastic Bags in Egypt Solved

Sabah KhodirJuly 16, 2018

New Administrative Capital Will be Egypt’s First Smart City

Mirna AbdulaalJuly 15, 2018

Six Egyptians Selected Among Young Africans for Obama Leadership Program

Egyptian StreetsJuly 15, 2018

Egypt’s Two Female Weightlifters Win Gold Medals at IWF Junior World Championships

Mirna AbdulaalJuly 14, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.