RemittancesGateway.org

Egyptian remittances drop 6.17 pct in Jul-Dec 2009

Friday, 19 March 2010 08:47

Source: Reuters Africa

The amount of money sent home by Egyptians living abroad dropped 6.17 percent to $4.362 billion in the first half of fiscal year 2009/2010, the central bank said on its website on Thursday.

Remittances from Egyptians living abroad were $4.649 billion in the same period a year ago.

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

The fiscal year in Egypt starts in July.