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Remittances from Egyptian workers abroad at $2.4bn in May

Person, Human, Money Creative Commons
The borrowing is expected to be priced at around 400 basis points over the three-month secured overnight financing rate.

Remittances from Egyptian workers abroad at $2.4 bln in May

Remittances from Egyptian workers abroad reached $2.4 billion in May, the central bank said on Sunday.

Remittances, one of Egypt’s main sources of foreign currency, were at $2.6 billion in May 2021, the bank added.

Egypt’s M2 money supply rose by 23.4 percent year-on-year in June, data from the central bank also showed.

Money supply stood at 6.61 trillion Egyptian pounds ($349 billion), up from 5.35 trillion pounds in the same month last year.