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Egypt remittances drop 6pc

Cairo, March 18, 2010

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

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. - Reuters




Tags: Egypt | Remittances | money |

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