Remittances
Saudi Arabia ranked first in the list of the top ten Arab countries in the value of remittances from Egyptians working in it during the fiscal year 2020/2021.
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.
Egyptian imports from the United States of America witnessed a remarkable increase during the first 10 months of last year 2022, according to data from the Central Agency for Public Mobilization and Statistics.
The Egyptian exports to the US decreased 5.2 percent to reach $2 billion during the first 10 months of 2022, compared to $2.1 billion in the same period in 2021.
In August, the remittances from Egyptian expatriates decreased to $2.2 billion, compared to $2.4 billion during July 2021.
CAPMAS revealed that Egypt’s exports to Arab countries amounted to $5.9 billion during the first half of 2022, compared to $5.4 billion during the same period in 2021, marking an increase of $466.5 million or 8.6 percent.
This came during the celebrations of the 50th anniversary of the establishment of Egyptian-Emirati relations, organized by the two governments.
In July, the remittances from Egyptian expatriates decreased to $2.38 billion, compared to $2.79 billion during June 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.
The Central Bank of Egypt (CBE) said that the remittances of Egyptians working abroad hit $29.1 billion during the past 11 months.
The remittances decreased by 7.2 percent on a monthly basis as it recorded $3.3 billion in March 2022.
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.
Most Read
