Adel Abdel Azim, Deputy Governor of the Economic Research Sector at the Central Bank of Egypt (CBE), has said that remittances from Egyptians working abroad increased during the period from July to September 2021, at a rate of 1.5% on an annual basis, to record about $8.1bn, compared to about $8bn during the same period in 2020.

He added that total transfers during the period from January to September 2021 amounted to about $24bn, an increase of about $1.9bn, an average of 8.8% compared to the same period in 2020.

Preliminary data of the CBE showed a decline in remittances from Egyptians working abroad during September 2021 at a slight rate of 3.0% on an annual basis, to record about $2.62bn, compared to about $2.70bn during September 2020.

Remittances of workers abroad are one of the most important foreign exchange resources for the state, and Egypt occupies an advanced position among the largest recipient countries of such remittances worldwide.

The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed earlier that Egypt ranked sixth in the World Bank’s classification of the country’s most receptive to remittances from abroad in 2020, pointing out that these remittances represent 6.7% of the total GDP.

© 2021 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.