RemittancesGateway.org

Egyptian remittances drop 23 pct in April-June

Thursday, 01 October 2009 17:46

Source: Reuters

The amount of money sent home by Egyptians living abroad in the three months ending in June dropped 23 percent to $1.832 billion year on year, the Central Bank of Egypt said on Thursday.

Remittances from Egyptians living abroad in the previous three months were $1.738 billion, and were $2.393 billion in the April-June period last year.

Remittances are important source of foreign currency for Egypt, along with tourism, oil and gas exports and Suez Canal revenues.