16 Sep 2021

The CBE (Central Bank of Egypt) reported that remittances from Egyptians living abroad reached a new record high in FY20/21. Remittances totalled USD31.4bn during FY20/21, the highest amount ever recorded, and with an increase of 13% YoY. During 4Q20/21 alone, remittances surged by 30% YoY. June 2021 saw a considerable 16% YoY increase in remittances. As a key source of foreign currency for Egypt, remittances continue to counterbalance weak tourism revenues due to the Covid pandemic’s negative effect on global travel. With the current gradual revival in tourism, the current account should witness strong support.

(Source: Mubasher (English) (Arabic), Zawya (English), al-Ahram (English) (Arabic), Daily News Egypt (English), Sada el-Balad (English), State Information Service, National Council for Media, al-Maal, Amwal al-Ghad, Hapi Journal, Economy Plus Me, al-Youm al-Saabe, Akhbar al-Youm, al-Watan, al-Dustour, CNBC Arabia, al-Arabiya)