Central Bank of Egypt is reporting a nearly 26 percent decline in remittances for the first three months of the year. That’s another drop in one of the country’s major foreign currency earners as the global economy contracts.
The Central Bank’s monthly bulletin, posted Friday, showed remittances declined to $1.7 billion in the third quarter of the 2008-2009 fiscal year from about $2.3 billion in the previous quarter. It was the lowest quarterly figure since June 2007.
Egypt’s other top sources of foreign currency are Suez Canal revenues and tourism. Canal revenues dropped by more than 7 percent this year.
Officials said the global downturn would shrink Egypt’s 7 percent growth rate in recent years to 4 percent in 2008 and 2009.