The CBE added that remittances increased by 3% in the final quarter of the fiscal year (April-June 2022) to record $8.3 billion
Remittances from Egyptian expats grew by 1.6% during fiscal year 2021/2022 to hit $31.9 billion, up from $31.4 billion recorded in FY2020/2021, the Central Bank of Egypt (CBE) revealed today.
The CBE added that remittances increased by 3% in the final quarter of the fiscal year (April-June 2022) to record $8.3 billion, a slight bump from the previous fiscal year’s final quarter posting of $8.1 billion.
Remittances from Egyptians living aboard are considered an important source of hard currency in Egypt. The World Bank has previously pointed out that factors such as rising oil prices and Egyptians who work in oil-rich Gulf countries sending money to families in Egypt as main contributors to rising remittances.
Remittances saw a small slump in June, dropping to $2.8 billion, down from $2.9 billion in June 2021.
In the past 11 months, Egyptian expats have sent around $29.1 billion in remittances, the CBE stated in a previous statement. The central bank recorded remittances in May 2022 as $2.4 billion, compared to around $2.6 billion in May 2021.
Egypt’s net international reserves (NIRs) declined by $230 million in July to $33.1 billion, down from $33.3 billion at the end of June 2022, the CBE said on Sunday.
