Egyptian worker remittances hit $2.7bln in August: CBE

Egyptian expats' remittances reached $31.4bln in fiscal year (FY) 2020/2021

  
A woman walks past the Central Bank of Egypt's headquarters in downtown Cairo March 17, 2013. Image used for illustrative purpose

A woman walks past the Central Bank of Egypt's headquarters in downtown Cairo March 17, 2013. Image used for illustrative purpose

REUTERS/Amr Dalsh

ArabFinance: Remittances from Egyptians working abroad grew 10.4% year-on-year (YoY) to $21.4 billion during the first eight months of 2021, according to recent divs by the Central Bank of Egypt (CBE).

In August, remittances stood at $2.7 billion, compared to $2.4 billion in August 2020.

It is worth noting that Egyptian expats' remittances reached $31.4 billion in fiscal year (FY) 2020/2021, increasing 13% compared to FY 2019/2020 and 70% compared to FY 2013/2014.

Egypt is working on rejuvenating the economy through raising incomes and increasing investments in top-priority sectors.

According to data the Central Bank of Egypt (CBE), Egyptian expats’ remittances edged up by 29.6% from April to June 2021 to $8.1 billion, up from $6.2 billion in the same period of 2020.

Additionally, Egyptian expats' remittances rose by an annual rate of 15.5% in June to reach $2.9 billion, up from $2.6 billion in June 2020.

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