CAIRO - 16 May 2022: Remittances from Egyptian expatriates increased 12.8 percent during March 2022, recording $ 3.3 billion, compared to $2.9 billion during the same month of 2021, the Central Bank of Egypt (CBE) announced Monday.
The CBE clarified that the remittances increased by 44.4 percent on a monthly basis which recorded $2.3 billion in February 2022.
It added that the cumulative period from July/March of 2021/2022 recorded an increase of 1.1 percent (on an annual basis) to reach about $23.6 billion.
Remittances of Egyptians abroad represent an important source of hard currency in Egypt, with every Egyptian pound flotation having a direct positive effect on the amount of remittances. The most recent pound flotation was in November 2016.