Remittances from Egyptians abroad up 20.4% in Sept.

Remittances from Egyptians abroad rose 20.4 percent to $1.8 billion last September, said the central bank on Sunday.

The figure means remittances grew 1.5 percent in the first quarter of financial year 2018/2019, registering $5.9 billion.

Remittances in September of last year were at $1.5 billion and stood at $5.8 billion in the first quarter of financial year 2017/2018, according to the central bank. Egypt’s financial year runs from July to June.

Remittances have become a crucial source of hard currency for the import-dependent country, which has struggled to boost exports or foreign direct investment despite economic reforms tied to a $12 billion IMF loan programme it began in late 2016.

Source: Reuters