Egyptian Remittances Increase 1.6%

Business

August 24th, 6:30am

Cairo - Asharq Al-Awsat

Central Bank of Egypt's headquarters is seen amid the coronavirus disease (COVID-19) pandemic in downtown Cairo, Egypt February 25, 2021. REUTERS/Mohamed Abd El Ghany

The Central Bank of Egypt (CBE) said that the Egyptian remittances increased 1.6% to about $31.9 billion during fiscal year (FY) 2021/22, compared to about $31.4bn last year. The CBE said on Tuesday that the period from April to June 2022 witnessed an increase in those transfers by 3%, to record about $8.3 billion, compared to $8.1bn in the same period in 2021. In June 2022, the remittances amounted to about $2.8 billion, compared to about $2.9 billion during June 2021. Meanwhile, Egypt's state grains buyer directly purchased 240,000 tons of Russian wheat on Monday, the supply ministry said in a statement. The General Authority for Supply Commodities (GASC) bought six 40,000 ton-cargoes on a cost and freight basis, with payment via 180-day letters of credit, two people with knowledge of the matter said. The ministry did not disclose the price or the supplier but traders said they thought it was sold by trading company GTCS at a price of $368 per ton, around an 8% drop from its last purchase in July.

from Asharq AL-awsat https://english.aawsat.com/home/article/3833701/egyptian-remittances-increase-16