Egypt’s remittances hit $50.3bln in 10 years

Egypt’s remittances account for 31.7% of the country’s net international reserves

  
An employee counts money at an exchange office in downtown Cairo June 5.

An employee counts money at an exchange office in downtown Cairo June 5.

REUTERS/Amr Abdallah Dalsh

ArabFinance: Egyptian expats' remittances reached $250.3 billion in the past 10 years, from fiscal year (FY) 2011/2012 through FY 2019/2020, according to recent divs by the Central Agency for Public Mobilization and Statistics (CAPMAS).

Egypt’s remittances account for 31.7% of the country’s net international reserves.

In 10 years, remittances fluctuated, recording a high of $27.8 billion in FY 2019/2020 and a low of $12.6 billion in FY 2010/2011.

However, remittances declined to $7.8 billion during the first quarter (Q1) of 2021 when compared to the same period of 2020.

Remittance inflows and tourism revenues are expected to fall further as the full impact of the pandemic shock increases in FY 2020/2021, Fitch Rating said in March.

In FY 2019/20, Egypt was one of the top five receivers of remittances globally.

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