Egyptian remittances grow 8.5% in 9 months: CBE

Remittances stood at $21.5bln during the period from July 2019 to March 2020

  
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. Image used for illustrative purpose.

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany
Egypt -  Remittances from Egyptian expatriates leveled up 8.5% to $23.4 billion during the nine-month period between July 2020 and March 2021, according to recent data by the Central Bank of Egypt (CBE).

Remittances stood at $21.5 billion during the period from July 2019 to March 2020.

On a yearly basis, Egyptian remittances increased 11% to $2.9 billion in March 2021, when compared to $2.6 billion in March 2020.

During the first quarter (Q1) of 2021, remittances stood at $7.85 billion, compared to $7.87 billion in the corresponding period of the prior year.

Egypt’s net international reserves rose to $40.468 billion in May 2021, compared to $40.343 billion in April, an increase of about $125 million.

 

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