Remittances
The CBE clarified that the remittances increased by 44.4 percent on a monthly basis which recorded $2.3 billion in February 2022.
Those covered imports, exports, investments, and remittances.
Remittances of Egyptians abroad increased by 73 percent in 2015-2021, with an unprecedented amount of $31.5 billion in 2021 alone, according to a Sunday report by the Information and Decision Support Center.
Preliminary data also showed an increase in remittances during December 2021 at a rate of 3.4 percent on an annual basis, to record about $2.64 billion, compared to about $2.55 billion in December 2020.
Deputy Governor of the Economic Research Sector at the Central Bank of Egypt (CBE), Adel Abdel Azim, said in a statement that preliminary data showed a decline in remittances during November 2021 at a rate of 3.9 percent on an annual basis, to record about $2.5 billion.
CBE added that remittances from Egyptian expatriates during the first quarter of 2021/2020 climbed 1.5 percent on an annual basis to reach $8.1 billion, compared to $8 billion during the same quarter of 2020/2021.
Total remittances of Egyptian expatriates in the period from January to August 2021 increased by 10.4% compared with the corresponding period in 2020 to stand at 21.4 billion dollars
The data showed that remittances from Egyptian expatriates during July 2021 inched down 3 percent to reach $2.79 billion, compared to $2.88 billion during July 2020.
During a conference on the role of remittances in increasing investments and achieving sustainable development, the minister said Egypt achieved an important leap in receiving remittances despite global economic challenges.
The data showed that remittances from Egyptian expatriates during May 2021 increased 45.2 percent to reach $2.6 billion, compared to $1.8 billion during May 2020.
The Media Center of the Cabinet released Saturday the figures.
The data also showed an increase in remittances from Egyptians working abroad during the period from July 2020 until the end of April, to record about $25.8 billion, compared to about $23.4 billion during the same period of the previous fiscal year 2019-2020.
Moreover, remittances from Egyptian expatriates hiked 10.4 percent during the fiscal year of 2019/2020 to reach $27.8 billion, recording its highest record ever, compared to $25.2 billion during the fiscal year of 2018/2019.
The minister explained that the trade balance deficit during the period from January to March 2021 amounted to about $9.6 billion, compared to $9.7 billion in the corresponding period in 2020.
In a report Monday, it added that remittances from abroad reached 24.4 billion in 2020, representing 6.7 percent of GDP.
During October/December 2020, remittances from Egyptian expatriates reached $7.5 billion, compared to $7 billion during the same period of 2019.
Remittances from Egyptian expatriates recorded $2.6 billion in November 2020, marking an annual increase of 27.9 percent.
Makram also pointed out that remittances from Egyptians abroad reached $27 billion during the fiscal year 2019-2020, according to reports from the Central Bank.
CBE clarified Tuesday that remittances from Egyptian expatriates rose 16 percent in September 2020, recording $2.7 billion, compared to $2.3 billion in September 2019
The World Bank expected Thursday that the remittances of the Egyptians, working abroad, would hit 24.4 billion dollars by the end of 2020, or 6.7 percent of GDP, despite the ramifications of the global outbreak of coronavirus.
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