CAIRO: The remittances received from Egyptians working abroad amounted to $19 billion in 2015; Deputy Governor of the Central Bank of Egypt (CBE) Lobna Helal was quoted by Al Dostour newspaper Monday.
The remarks came during a news conference held in Cairo Monday to launch the U.S. dollar-denominated “Belady” certificate offered to Egyptians abroad, that the government hopes will attract investment in Egyptian banks.
The certificate is issued by three Egyptian banks; the National Bank of Egypt, Banque Misr and Banque Du Caire for one, three and five years, with interests of 3.5 percent, 4.5 percent and 5.5 percent respectively.
Egypt has been suffering from a shortage of foreign currency since the 2011 uprising the toppled Hosni Mubarak. Foreign currency reserves fell to $16.335 billion at the end of September 2015 down from $36 billion in 2011, according to Moody’s Investors.
Remittances from of Egyptians living abroad, revenues from Suez Canal in addition to tourism revenues represent the main three sources of Egypt’s foreign currency, according to the Central Bank of Egypt.
The number of Egyptians living abroad is estimated at 5 million, according to a report issued by the Central Agency for Public Mobilization and Statistics (CAPMAS.)
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 a CAPMAS report issued in July 2015.