Remittances
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.
remittances of Egyptians abroad increased during November 2019 to $2 billion, compared to $1.9 billion in November 2018.
CBE clarified that the remittances of Egyptian expats during the first four months of fiscal year 2019/2020 recorded about $ 9 billion.
Remittances of Egyptian expats increased by $277.1 million or 5.5 percent in July and August of 2019, reaching $4.4 billion, up from $4.2 billion during the same months of 2018.
In December, remittances of expatriates jumped $210.2 million on a month-on-month basis, to hit $2.2 billion, compared to $1.9 billion in November 2018.
Remittances from Egyptian expatriates rose 5.7 percent during the first 11 months of 2018, reaching $23.3 billion, compared to $22.1 billion in the same months of 2017.
Remittances of Egyptian expatriates in Jordan reached about dlrs 539,000 in December, Manpower Minister Mohamed Saafan said on Tuesday.
According to CBE's data, remittances of expatriates hit $2.1 billion during October, compared to $1.8 billion during the same month of the prior year, with an increase of $298.9 million, or 17 percent.
Remittances of expatriates hit $1.8 billion during September, compared to $1.5 billion during the same month of the prior year, with an increase of $298 million.
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