In Q1 of 2021, January – March, remittances reached about $7.85 billion, slightly lower than the $7.87 billion reported in Q1 2020
The amount of money Egyptian expats are transferring back home climbed 8.5 percent, recording at $23.4 billion in the period of July 2020 to March 2021, states the Central Bank of Egypt (CBE).
This is in comparison to the previously recorded $21.5 billion between July 2019 and March 2020.
CBE data also showed an 11 percent increase in remittances in March 2021 alone, to record about $2.9 billion, compared to about $2.6 billion in March 2020.
In Q1 of 2021, January – March, remittances reached about $7.85 billion, slightly lower than the $7.87 billion reported in Q1 2020.
During January 2021, remittances of Egyptians living abroad declined by $116.9 million to $2.54 billion, compared to $2.56 billion in the same month a year earlier.
Money transfers, or remittances, by Egyptian workers abroad are one of the largest sources of foreign currency for the country, with Egypt occupying an advanced position among the largest recipient countries of these remittances in the world.
Egypt’s net international reserves rose to $40.468 billion in May 2021, compared to $40.343 billion in April, an increase of about $125 million.
Egypt’s foreign exchange reserves continued its upward trajectory for the 12th month in a row, climbing by around $125 million month-on-month (MoM) in May, wrote CBE earlier this month.