Remittances rise 41.2% y-o-y in 10M2017-18

Remittances from Egyptians living abroad rose 48.2% y-o-y 10M2017-18 to USD 26 bn, the central bank announced yesterday, according to a statement from the CBE (pdf). Remittances advanced 41.2% y-o-y in April to USD 2.3 bn.

Remittances could slow down in the coming months, a new study cited by Al Arabiya suggests. The research projects that Egyptian expats will be lured away from the local banking system by promises of higher yields in GCC banks, where interest rates are likely to go up in tandem with US rates. The US Federal Reserve had hinted last month, when it hiked rates by 0.25 bps, that we can expect two more increases in 2018 as “the overall outlook for growth [in America] seems favorable.”