Remittances from expats rise 1.6% to $31.9 bln in 2022: CBE

Remittances from Egyptian expatriates increased during the fiscal year 2021/2022 at a rate of 1.6 percent, recording about US$31.9 billion, compared to $31.4 billion during the fiscal year 2020/2021, the Central Bank of Egypt (CBE), announced.

While remittances from Egyptian expatriates recorded $27.8 billion in the fiscal year 2019/2020.

The fiscal year in Egypt begins at the beginning of July and ends at the end of June of the following year.

According to the CBE statement, the remittances of Egyptians working abroad are witnessing a remarkable increase, as it is one of the most important sources of foreign currency.

Remittances from April to June 2022 increased by 3.0 percent to $8.3 billion, compared to $8.1 billion during the corresponding period of 2021.

The statement also includes  the remittances of Egyptian expatriates during June 2022 recorded about $2.8 billion, compared to $2.9 billion in June 2021.

While remittances from expatriates is one of the most important sources of foreign exchange in Egypt, so is the proceeds of export commodities.

Non-oil commodity exports take the lion’s share in pumping US dollar liquidity to the local market, so the government in Egypt seeks to increase this value through export support programs.

The transportation sector is also one of the most important sources of US dollar foreign exchange in Egypt, through the proceeds of traffic fees of the Suez Canal.

The travel sector attracts a large part of the green currency balance in Egypt, in addition to direct investments and Visa card proceeds.

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