CAIRO, Oct. 28 (Xinhua) -- The remittances of Egyptian expatriates rose by 10.4 percent to 27.8 billion U.S. dollars in the fiscal year 2019-2020, the Central Bank of Egypt (CBE) said on Wednesday.
The fiscal year in Egypt begins in July.
According to the CBE's statement, the remittances of the Egyptians abroad in the fiscal year 2019-2020 hit 27.8 billion U.S. dollars compared to 25.2 billion dollars in the previous fiscal year, which is the highest record in Egypt's history.
It added that the expatriates' remittances during June 2020 raised by 33.7 percent, hitting 2.6 billion dollars compared to 1.9 billion dollars for the same month in 2019.
Meanwhile, the volume of remittances sent by expatriates declined in April-June 2020 by 10.5 percent, recording only 6.2 billion dollars compared to 6.9 billion dollars for the same period in 2019 due to the spread of COVID-19 that led to the lay off of many workers abroad, it added.
Remittances of Egyptian expatriates, along with the revenues of the Suez Canal, the tourism sector and foreign investments, are the major sources of hard currency in the country. Enditem
