The World Bank expects remittances to Egypt to fall by around 15% in 2023 to $24.2 billion, according to the bank’s latest Migration and Development Brief report.

The bank ascribed this drop to the significant decrease of remittances through official channels given the notable gap between the official and parallel foreign exchange rates.

In the first half (H1) of 2023, remittances dropped by 38% year on year (YoY) to $10 billion from $16.3 billion, as per data from the Central Bank of Egypt (CBE).

Moreover, the report highlighted that remittances to Middle East and North African countries are projected to decline by 5.3% to around $61 billion in 2023.

This is driven mostly by a sharp drop in flows to Egypt, the region’s largest recipient, in addition to the downturn in outward remittances from Saudi Arabia and the UAE.

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