The value of remittances by Egyptian workers to their homeland in the second quarter of the 2014/2015 fiscal year amounted to 4.7 billion, according to official data.
The figure signals an increase of nine per cent when compared with the figure recorded in the same period in the 2013/2014 fiscal year when it stood at $4.3bn, according to the data published by Youm7.
Millions of Egyptians work abroad and send massive sums to their country whose economy was hit by political instability in the past few years.
According to the data released by the Central Agency for Public Mobilization and Statistics, the value of remittances by Egyptian expatriates in the second quarter of the outgoing fiscal year comprised 1.45 per cent of the country’s gross domestic product from 1.49 per cent in the same period a year earlier.
The World Bank has already listed Egypt as one of the largest recipients of expatriates’ remittances and estimated them at $18bn in the 2014/2015 fiscal year.
The total value of expatriates’ remittances across the world in 2014 reached $583bn, with the United States topping the list as the largest sender at 22 per cent of the total, according to an earlier report.