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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
Ashmawy / Sebzz @ Cairo Jazz Club
Clubs
Date: 9/22/2017
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club
The Danish Experience @ AUC Falaki
Theatre
Date: 9/22/2017
Time: 8:00pm - 10:00pm
Venue: AUC Falaki Theater
Neamat El Diwany @ Picasso Art Gallery
Exhibitions
Date: 9/22/2017
Time: 7:00pm - 10:00pm
Venue: Picasso Art Gallery
The White Smoke @ Mashrabia Art Gallery
Exhibitions
Date: 9/22/2017
Time: 12:00pm - 12:0am
Venue: Mashrabia Art Gallery
Basics Of Photography @ Beit El Sura
Course
Date: 9/22/2017
Time: 7:00pm - 10:00pm
Venue: Beit El Sura
Copper Forming Workshop @ Darb 1718
Workshop
Date: 9/22/2017
Time: 6:00pm - 8:00pm
Venue: Darb 1718
Music Park Festival @ Cairo Festival City
Concerts
Date: 9/22/2017
Time: 4:00pm - 12:0am
Venue: Cairo Festival City
One-Day Hip Workshop @ Bardo Club House
Workshop
Date: 9/22/2017
Time: 2:00pm - 4:00pm
Venue: Bardo Clubhouse