The Central Bank of Egypt (CBE) said that remittances from Egyptians expatriates increased by about 6.4% or $1.9bn during 2021, recording about $31.5bn, compared to 2020’s $29.6bn.
In a statement issued on Monday, the CBE explained that preliminary data showed a 3.4% increase in remittances in December 2021 only, to record about $2.64bn, compared to December 2020’s $2.55bn.
Remittances of workers abroad are one of the most important sources of foreign currency for the state, and Egypt occupies an advanced position among the list of recipient countries.
The Central Agency for Public Mobilisation and Statistics (CAPMAS) revealed earlier that Egypt ranked sixth in the World Bank’s classification of countries most receptive to remittances from abroad, with a remittance volume of $24.4bn in 2020. These remittances contribute 6.7% of the country’s total GDP.
Earlier, the International Monetary Fund expected the recovery of net international reserves thanks to the most important sources of foreign exchange at record levels in the coming years, as it expected that the total international reserves would record $44.1bn in FY 2021/22, $47.6bn in FY 2022/23, $51.8bn in FY 2023/24, and $55.1bn in FY 2024/25.