Remittances from Egyptian expats rise 5.8% y-o-y in November 2017

Remittances from Egyptians living abroad rose 5.8% y-o-y in November 2017 to USD 2.2 bn from USD 2.1 bn in November 2016, the central bank announced on Thursday. Remittances have been climbing steadily since the EGP float in November 2016, Reuters notes, jumping nearly 40% y-o-y in 1Q2017-18 to USD 6.0 bn.

This comes as we hear that tourism revenues reportedly jumped 123.5% y-o-y to USD 7.6 bn in 2017. The number of tourists that visited the country during the year grew 54% y-o-y to 8.3 mn, an unidentified government official tells Reuters. “The number is still well below the 14.7 mn who visited Egypt in 2010 before the uprising,” the newswire notes.