Egypt receives $9.75b in remittances during FY 2009-10

25 Oct 2010

(MENAFN) A report issued by the Central Bank of Egypt (CBE) showed that Egyptian expatriates have remitted $9.75 billion back to the country in the fiscal year 2009-2010, Kuna reported.

During the second quarter of the fiscal year, remittances fell to $1.72 billion, down from $1.85 billion a year earlier, the central bank said.

However, the value of remittances rose again to $2.86 billion in the third quarter and then to $3.29 billion in the next quarter, thus taking the total figure to $9.75 billion.

The CBE report also showed that its net value of foreign exchange reserves rose to $35.534 billion by the end of last month.

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