Remittances from Egyptian expats rise 10.2% in 7 months: CBE

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Egypt - Remittances from Egyptians working abroad grew by 10.2% year-on-year (YoY) or $1.7 billion during the first seven months of 2021, Al Mal Newspaper reported, citing data issued by the Central Bank of Egypt (CBE).

Remittances from Egyptian expats reached around $18.7 billion in the January-July period of 2021, versus $17 billion in the year-ago period, the CBE’s data showed.

In July 2021, remittances slightly fell by 3%, recording $2.79 billion, compared to $2.88 billion in July 2020.

It is worth noting that the CBE previously announced that Egypt’s balance of payment has recorded a surplus of $1.9 billion in fiscal year (FY) 2020/2021, versus a deficit of $8.6 billion in FY 2019/2020.

Moreover, the central bank unveiled that Egypt’s external debt reached $137.85 billion at the end of June 2021, almost up by $3.02 billion from $134.84 billion at the end of March 2021.

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