CAIRO: Remittances from Egyptian expats rose by 9 percent during the second quarter of the fiscal year 2014/2015 reaching $4.72 billion up from $4.33 billion during the same period last year, according to official report.
According to a report issued Monday by the Central Agency for Public Mobilization and Statistics (ؤ,) the above figure represented 1.45 percent of Egypt’s total GDP during the second quarter of the current fiscal year, down from 1.49 percent the same period a year earlier.
Moreover, official remittances witnessed a drop from 0.65 percent in Q2 of FY 2013/2014 to 0.35 percent during the same period of the current fiscal year.
Remittances from Egyptian expats in are reported by the Central Bank of Egypt.
Out of Egypt’s population of 91 million, around eight million Egyptians live abroad, according to figures from the Ministry of Foreign Affairs