The Central Bank of Egypt (CBE) said Tuesday that the total remittances of Egyptians working abroad rose during the year 2018 to reach 25.5 billion dollars, compared to 24.7 billion dollars during the year 2017, an increase of 778.2 million dollars, or 3.1 percent.
It should be noted that the total remittances of Egyptians working abroad during the month of December 2018 increased by 270.2 million dollars to record about 2.2 billion dollars, compared to about 1.9 billion dollars in the month of November 2018.
The tolls of the Suez Canal, as well as the remittances of Egyptians working abroad, exports, investment and tourism, are sources of foreign exchange for the Egyptian economy and the main supporter of foreign exchange reserves with the Central Bank of Egypt.
Earlier, the World Bank's "Migration and Development Briefing" report found that the outlook for Egyptian remittances growth was "weak" because of the tightening of expatriate employment policies in Saudi Arabia during 2018. The cost of living for these Support, increase in various fees, application of value added tax in the Kingdom as well as United Arab Emirates.
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