Remittances from expatriate Egyptians rise 5.5% y-o-y in two months

Egypt received around $4.4 billion in remittances from Egyptians living abroad during July and August, up from $4.2 billion in the same months last year, the central bank said on Sunday.

The transfers amount to a 5.5 percent increase year-on-year, the statement said. Remittances are a key source of foreign currency for Egypt.

Remittances have increased since Egypt floated its pound currency in November 2016.