Remittances
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.
Remittances from Egyptian expatriates climbed 33.7 percent during June 2020 to jump to $2.6 billion, compared to $1.9 billion during June 2019.
The IFAD estimated that the global remittances to developing countries could fall by US$110 billion in 2020 as a result of the outbreak of COVID-19.
While the volume of private transfers reached about LE 6630 million, compared to LE 5861 million during the compared period, marking an increase of about 4769 million.
Remittances from Egyptian expatriates climbed during January 2020 to $2.6 billion, compared to $2.1 billion during January 2019, marking an increase of 27.8 percent.
“Whenever we succeed in adding the informal economy to the formal sector, this reflects on the economy and enables the state to attract foreign direct investment,” CBE’s governor stressed.
CBE attributed the increase to the hike of the remittances of Egyptians abroad during the second half of 2019 by 13.5 percent or $1.6 billion.
