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Sunday, 22 March 2020

Egyptian remittances rise 5% in 2019

Remittances rise 5% in 2019: Remittances from Egyptians living abroad rose 5% to USD 26.8 bn in 2019 from USD 25.5 bn in 2018, according to preliminary central bank figures (pdf). The second half of the year in particular saw a notable pickup in inflows, which rose 13.5% on an annualized basis to USD 13.7 bn.

Inflows likely to take a hit this year: Remittances, a key source of foreign currency for Egypt, could witness downward pressure this year due to the crash in oil prices and the covid-19 outbreak. Transfers from workers in the oil-exporting GCC countries make up a large part of the country’s remittance inflows, but these will likely decline as companies come under pressure from the slump in oil prices to multi-decade lows.

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