Egypt: Remittances rose 5% to $26.8bln in 2019
Saturday, 03 21 2020, Category: Economy, Country: Egypt
In Egypt, remittances reached $26.8 billion in 2019, 5% higher than the $25.5 billion the previous year. Figures were provided by the Central Bank in a statement issued on March 19.
This growth is also up from the estimated 3.1% growth in 2018. According to the Bank, this overall increase is due to a sharp rise in remittances in the second half of 2019, reaching $13.7 billion; an increase of 13.5% compared to the same period in 2018.
Along with tourism and foreign investments, remittances constitute one of Egypt's main sources of foreign exchange.