CAIRO: The value of Egyptian expatriates’ remittances declined by 8.5 in the first quarter of 2015/2016 fiscal year, Central Bank of Egypt said in a statement Sunday.
Remittances dropped to $ 4.3 billion over the period of time July-September 2015, down from $4.7 billion during the same period last year, according to the statement.
CBE governor Tareq Amer has previously stated that the total of Egyptian expats’ remittances to Egypt during the FY2014/2015 stood at $19 billion.
Out of Egypt’s population of approximately 90 million, around eight million Egyptians live abroad, according to figures from the Ministry of Foreign Affairs
CBE has announced that the net international reserves reached more than US $ 16.4 billion at the end of November, 2015.
Egypt’s foreign reserves saw a severe shortfall over the past four years as tourism revenues and foreign direct investments tumbled over political turmoil following the January 25 Revolution in2011 which toppled Former President Hosni Mubarak, when they were valued at $35.8 billion.
The foreign reserve allows the government to purchase basic commodities, such as wheat and petroleum products, and to pay off premiums and interest on foreign debts.