Egypt’s remittances hike a record $27.8 bln in FY 2019/20: CBE

Egypt’s remittances hike a record $27.8 bln in FY 2019/20: CBE

Egyptian expats' remittances increased in FY 2019/2020, which ended in June, by 10.4 percent, reaching a record $27.8 billion, up from $25.2 billion in FY 2018/2019, the Central Bank of Egypt (CBE) announced on Wednesday.

The CBE noted remittances rose in June by 33.7 percent, recording $2.6 billion, up from $1.9 billion in June 2019.

Remittances declined in April and June by 10.5 percent, registering $6.2 billion, down from $6.9 billion during the same months in 2019, according to the CBE.

In April and June, Egypt was witnessing the dual shock of the COVID-19 outbreak and a collapse in global oil prices.

In March, the CBE said remittances recorded $26.8 billion in 2019, increasing by five percent year-on-year.

However, the same month saw a sharp decline in National