Remittances rise USD 21.1% y-o-y in FY2017-18 to USD 26.5 bn

Remittances from Egyptians living abroad rose 21.1% y-o-y in FY2017-18 to USD 26.5 bn, according to a central bank statement picked up by Reuters. Remittances at the end of FY2016-17 had stood at USD 21.9 bn, according to the newswire.

Meanwhile, Egypt’s M2 Money Supply grew 17.84% y-o-y in July to EGP 3.47 tn, the newswire also reported, citing central bank data. That’s a slower pace than in June, when M2 expanded at a 18.49% clip.