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Egyptians Abroad Sent Home $5 Billion Over Three Months

After the flotation of the pound, remittances, money from Egyptians working abroad, reached $5 billion in just the past three months reflecting a hike of $900 million from November to January of the previous year.

According to a statement released on Monday by the Central Bank of Egypt, remittance from Egyptians working abroad reached almost $5 billion in the period between November 2016 to January 2017, up almost $900 million from the same period last year, largely due to the floatation of the Egyptian Pound.

In January 2017 alone, remittance reached a total of $1.6 billion, which was $300 million more than January 2016.

Remittances are the second most import source of foreign currency in Egypt after exports, amounting to about $20 billion in 2015. Remittances fell in 2016 due to the difference between the official exchange rate and the unofficial black market rate but have started recovering since floatation of the Egyptian pound in November. 


Todays Events
Say Whaaat!? ft. Feedo @ Cairo Jazz Club
Date: 11/22/2017
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club
Wine & Dine @ Bogali
Date: 11/22/2017
Time: 9:00pm - 3:00am
Venue: Bogali
Juventus Vs Barcelona @ Underground
Date: 11/22/2017
Time: 9:30pm - 11:30pm
Venue: Underground Cairo
Board Games Night @ Room Art Space
Date: 11/22/2017
Time: 7:00pm - 11:30pm
Venue: Room Art Space
Mazaher Ensemble Abu ElGheit & Tanboura Zar
Date: 11/22/2017
Time: 8:00pm - 10:00pm
Venue: Egyptian Center for Culture & Art
Storytelling W/ Arfa Abdel Rassoul @ Zat
Date: 11/22/2017
Time: 6:00pm - 10:00pm
Venue: Studio Zat
True Self: A Kundalini Yoga Workshop @ Osana
Date: 11/22/2017
Time: 11:30am - 2:30pm
Venue: Osana Family Wellness
Happy Hours @ Bogali
Date: 11/22/2017
Time: 5:00pm - 8:00pm
Venue: Bogali