Banking & Finance Egyptian expat remittances fall slightly to $20.9bn By Pramod Kumar November 20, 2022, 9:14 AM REUTERS/Mohamed Abd El Ghany Egypt has been suffering a severe shortage of foreign currency despite a 14.5 percent devaluation on October 27 Remittances from Egyptian expatriates reached $20.9 billion in the first eight months of 2022, compared to $21.4 billion a year earlier, Egypt Today reported, citing data from the Central Bank of Egypt (CBE). Remittances from Egyptian expatriates fell to $2.2 billion in August 2022. Money inflow from Egyptian expatriates increased by 1.6 percent during the fiscal year 2021/2022, reaching $31.9 billion, compared to $31.4 billion in the year-earlier fiscal year. Remittance rose 3 percent to about $8.3 billion between April and June 2022, from $8.1 billion during the corresponding period, the CBE said. Furthermore, remittances recorded $2.8 billion in June 2022, compared to about $2.9 billion in June 2021. Remittances of Egyptians represent an important source of hard currency in the country, as every Egyptian pound flotation has a direct positive effect on the amount of remittances, the newspaper said. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
