Remittances from Egyptians abroad rose 11.9% in 11 months

The remittances of Egyptians working abroad increased in the period from January to November 2020 by 11.9% by about 2.9 billion dollars, to record about 27.1 billion dollars, compared to about 24.2 billion dollars during Same period in 2019.

The central bank said that the preliminary data showed an increase in remittances of Egyptians working abroad during the month of November 2020 compared to the corresponding month of November 2019 at a rate of 27.9%, an increase of 568.7 million dollars to reach about 2.6 One billion dollars.

The remittances of Egyptians abroad recorded an increase of 262.9 million dollars compared to the month immediately preceding it in October 2020, and remittances are a major source of foreign currency in Egypt besides the income of the Suez Canal, tourism and exports .

It is reported that remittances of Egyptians working abroad rose to $ 27.8 billion in the fiscal year 2019/2020, compared to $ 25.2 billion in the previous fiscal year, with a growth rate of 10.3%.

The central bank explained that the petroleum trade balance turned into a surplus during the period from July to September 2020 amounting to 143.4 million dollars against a deficit of 606.2 million dollars, due to the decline in payments from Petroleum imports by almost half, to record about $ 1.5 billion, as a result of a 52.8% decline in imports of both petroleum products, affected by the decline in imported quantities, and crude oil by 28.7% affected by the decline in global oil prices despite the increase in imported quantities.

and pointed out that the deficit of the balance of investment income decreased by 261.2 million dollars during the same period, to record about 3.1 billion dollars compared to about 3.3 billion dollars as a result of the decline in profits paid for direct investment by $ 362.3 million, to reach about $ 1.9 billion, as a main result of the decline in the profits of foreign oil companies operating in Egypt, which were affected by the decline in international oil prices, while retained earnings, which were reinvested in the capital of existing companies, increased.

The Central Bank of Egypt confirmed that investment income receipts during the first quarter of the current fiscal year decreased by 243.3 million dollars, to be limited to 57.5 million dollars as a result of the decrease in all of the interest on deposits of Egyptians abroad. And transfers of profits of Egyptian companies' branches received from abroad.