The Central Bank of Egypt (CBE) said that the Egyptian remittances increased 1.6% to about $31.9bn during fiscal year (FY) 2021/22, compared to about $31.4bn in FY2020/2021, and about $27.8bn in FY2019/20.
The CBE said on Tuesday that the period from April to June 2022 witnessed an increase in those transfers by 3%, to record about $8.3bn, compared to $8.1bn in the same period in 2021.
In June 2022, the remittances amounted to about $2.8bn, compared to about $2.9bn during June 2021.
The remittances are one of the most prominent foreign exchange resources for Egypt. The remittances sent from the Gulf Cooperation Council countries account for the largest share of the total remittances annually.
According to the Central Agency for Public Mobilization and Statistics, the remittances from the Gulf Cooperation Council countries recorded about $20.9bn in FY2020/21, up from $18.8bn in FY2019/20, an increase of 11.1%.
Most of the Egyptian remittances sent from the Gulf Cooperation Council in FY2020/21 came from Saudi Arabia, amounting to $11.2bn, followed by Kuwait by $4.4bn, the UAE by $3.4bn, Qatar by $1.5bn, Oman by $162m, and Bahrain by $104.1m.