However, remittances from workers outside Egypt, one of
the country's main sources of foreign currency, shrank by 20.9%
in the July-September quarter to $6.4 billion. A currency crisis
prompted many workers to send remittances through the black
market instead of the banking system, economists say.
In March, the central bank allowed Egypt's currency to weaken sharply after Russia's invasion of Ukraine prompted portfolio investors to withdraw about $20 billion within weeks from the Egyptian treasury market.
Foreign portfolio investors continued pulling money out
of Egypt in the July-September quarter. They repatriating $2.2
billion during the quarter after having invested a positive $3.6
billion a year earlier.
Non-oil foreign direct investment surged by 63.6% to
$3.5 billion, mainly due to the sale of $1 billion in local
assets to foreigners, the central bank said.
(Reporting by Nadine Awadalla and Enas Alashray; Writing by
Patrick Werr; Editing by Alison Williams, Alexandra Hudson)
