16 Mar 2021

Remittances into Egypt grew by 10.5% YoY to record USD29.6bn in 2020, up from USD26.8bn during 2019, according to the CBE. For the final quarter of the year, remittances reached USD7.5bn, up 8% YoY and down 7% QoQ (versus 3Q20 when remittances reached a record high of USD8bn). The data also showed that remittances during 3Q20 (October to December 2020) increased to USD7.5bn versus USD7.0bn in same period last year.

Based on the latest indications, remittances in 2020 are one of the highest in the country’s recorded history. This is in complete contrast to post-Covid concerns of an expected steep slowdown in remittances due to job losses for expatriates living in the GCC. This is good news from a balance of payments perspective, as remittances provide the biggest cushion against Egypt’s trade deficit, which amounted to USD26.5bn in FY19/20. (al-Mal Newspaper, Hapi Journal, al-Arabeya News, al-Ahram Newspaper)