Remittances from Egyptian expats record $28.5B in 11 months, $2.6B in May

CAIRO – 17 August 2021: Remittances from Egyptian expatriates increased 13 percent or $3.3 billion during 11 months from July to May of 2020/2021, recording $28.5 billion, compared to $25.2 billion during the same period of /20192020, according to data from the Central Bank of Egypt (CBE).

Previous data 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.

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.

CAPMAS announced earlier that remittances from Egyptian expatriates recorded a total of $205.3 billion, representing 31.7 percent of Egypt's total foreign exchange earnings over 10 years.

The value of remittances from Egyptians expatriates amounted to $12.6 billion during the fiscal year of 2010/2011, compared to $18 billion during 2011/2012, marking an increase of 42.7 percent, and rose in the following fiscal year to record $18.7 billion, with an increase of 3.9 percent compared to the fiscal year 2011/2012.

During the fiscal year 2013/2014, remittances decreased 0.8 percent, recording $18.5 billion, while rebounded to $19.3 billion during the fiscal year 2014/2015 to record $19.3 billion, marking a rise of 4.4 percent compared to the fiscal year 2013/2014.

Remittances recorded $17.1 billion during the fiscal year 2015/2016, with a decrease of 11.7 percent compared to the previous fiscal year, and amounted to $21.8 billion in 2016/2017, with an increase of 27.7 percent over the year 2015/2016.

It recorded $26.4 billion in 2017/2018, marking an increase of 21 percent over 2016/2017, and decreased in 2018/2019 to reach $25.2 billion, with a decrease of 4.7 percent compared to 2017/2018.

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.