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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
 Richard R. / Shiha @ Cairo Jazz Club
Date: 7/24/2017
Time: 9:00pm - 3:00am
Venue: Cairo Jazz Club
Monday Ladies Night @ Color Beach Club
Date: 7/24/2017
Time: 11:30pm - 3:30am
Venue: Color Beach Club
Nesma Abdel Aziz Band @ Alexandria Opera House
Date: 7/24/2017
Time: 8:00pm - 11:00pm
Venue: Alexandria Opera House
Wire Making For Teens @ The Design Studio
Date: 7/24/2017
Time: 10:00am - 2:00pm
Venue: The Design Studio By Azza Fahmy
Poi Spinning @ Zen Space
Date: 7/24/2017
Time: 8:00pm - 9:00pm
Venue: Zen Space
Comics W/ Mohamed Wahba @ Place Des Arts
Date: 7/24/2017
Time: 7:00pm - 9:00pm
Venue: Place Des Arts
Sketching & Drawing Fundamentals @ Kemet
Date: 7/24/2017
Time: 11:00am - 3:00pm
Venue: Kemet Art & Design
Contemporary Art Workshop For Children @ Darb
Date: 7/24/2017
Time: 10:00am - 6:00pm
Venue: Darb 1718