Egypt expats' remittances up 13% in spite of covid

Egyptian Pound notes and coins on October 12, 2016 in Cairo, Egypt. David Degner/Getty Images]

Remittances from Egyptians working abroad rose by 13 per cent year-on-year to $28.5 billion in the period from July 2020 to May 2021, the first 11 months of Egypt’s financial year, the central bank said today.Remittances increased in May 2021 by 45.2 per cent year-on-year to about $2.6 billion compared to about $1.8 billion in May 2020.

Earlier this year the central bank revealed that transfers rose from $26.8 billion in 2019 to $29.6 billion in 2020. The fourth quarter of 2020 saw an increase of 7.6 per cent compared to the same period a year earlier, it added.

Egyptian expat remittances are considered a key source of hard currency, alongside the Suez Canal and the country’s tourism sector.

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