Egyptian remittances increase 8.5% to $23.4bn within 9 months: CBE

Hossam Mounir
1 Min Read

Remittances from Egyptian expatriates increased by 8.5% to record $23.4bn from July 2020 to March 2021, compared to $21.5bn during the period from July 2019 to March 2020, according to the Central Bank of Egypt (CBE).

CBE data showed an 11% increase in remittances during March 2021 only, to record about $2.9bn, compared to about $2.6bn in March 2020.

Between January and March 2021, remittances reached about $7.85bn, slightly lower than the $7.87bn reported during the same period a year earlier.

The remittances of workers abroad are one of the most important sources of foreign exchange for the state. Egypt occupies an advanced position among the largest recipient countries of these remittances in the world.

Egypt’s net international reserves rose to $40.468bn in May 2021, compared to $40.343bn in April, an increase of about $125m.

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