Egypt remittances expected to rise nearly 50% to $26b for fiscal year 2017-18

Cairo: Remittances from Egyptians abroad are expected to hit $26 billion (Dh95.4 billion) for the 2017-18 fiscal year that ended in June, the central bank said late on Tuesday, a nearly 50 per cent jump year-on-year but less than an earlier projection. Remittances have surged since Egypt floated its pound currency in late-2016 and drew hard currency back to its official banking system, drying up a then-thriving black market for dollars. The central bank said earlier this month that remittances had reached $26 billion for the first 10 months of the fiscal year, but Tuesday’s statement revised that 10-month figure down to $21.9 billion. Still, the $26 billion year-end total marks a 49 per cent rise from the $17.453 billion Egypt netted the previous fiscal year according to central bank data.