CAIRO - 3 May 2023: Remittances from Egyptian expatriates recorded $12 billion during the second half (H2) of 2022, compared to $15.6 billion during the same months of 2021, the Central Bank of Egypt (CBE) announced Wednesday.
The remittances from Egyptian expatriates declined during the third quarter of 2022 (July-September) by 20.9 percent, recording $6.4 billion, down from $8.1 billion during the same quarter of 2021.
During the first eight months of 2022, the remittances from Egyptian expatriates recorded $20.9 billion, compared to $21.4 billion during the same months of 2021, according to the CBE’s previously announced data.
In August, the remittances from Egyptian expatriates decreased to $2.2 billion, compared to $2.4 billion during July 2021.
The CBE announced earlier that the remittances from Egyptian expatriates increased 1.6 percent during the fiscal year 2021/2022, recording $ 31.9 billion, compared to $31.4 billion during the fiscal year 2020/2021.
The CBE elaborated that the period from April to June 2022 witnessed an increase in remittances by 3 percent, to record about $8.3 billion, up from $8.1 billion during the corresponding period.
Furthermore, remittances recorded $2.8 billion during June 2022, compared to about $2.9 billion during June 2021.
Previously, the CBE said that the remittances of Egyptians working abroad hit $29.1 billion during the past 11 months.
It added that the remittances announced were during the period July/May 2021/2022, recording an increase of 2.1 percent on an annual basis (compared to about $28.5 billion compared to the period July/May 2020/2021).
It highlighted that transfers for the month of May 2022 amounted to about $2.4 billion, compared to about $2.6 billion in May 2021.
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.