Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

CBE: Remittances from Egyptians Abroad Rise to $11.1 Billion within 4 Months


Tue 05 Jul 2022 | 07:55 PM
Taarek Refaat

The Central Bank of Egypt (CBE) announced that the remittances of Egyptians abroad increased by 7.7% on an annual basis during the first four months of 2022 (January/April 2022) to reach about $11.1 billion, compared to about $10.3 billion during the corresponding period of the previous year.

CBE said in a statement that the remittances of Egyptians working abroad recorded during the month of April about $3.1 billion, an increase of 24.4% on an annual basis, compared to about $2.5 billion, year-on-year, while it dropped by 7.2% compared to March 2022, which recorded $3.3 billion.

It is noteworthy that the balance of foreign exchange reserves at the end of May recorded about $35.495 billion, compared to $37.123 billion at the end of April, a decrease of $1.63 billion.

Remittances from Egyptians working abroad represent an important source of foreign exchange in Egypt, especially in light of the economic crisis the world is going through and the decline in tourism as a result of the Russian-Ukrainian war, the crisis of supply chains, the rise in shipping costs and the high levels of inflation.