Remittances Flat YoY During 7M22

Giving More to Your Wealth
18 Sep 2022

The CBE (Central Bank of Egypt) reported that remittances from Egyptians abroad remained essentially flat in 7M22, rising by just 0.2% YoY. July 2022 witnessed an uncharacteristic decline of 14.7% YoY. Possible reasons for this drop include expectations of an imminent devaluation in the EGP, higher inflation in the countries in which the expatriates reside, and the end of the 18% CDs (Certificates of Deposit) that were on offer by Egyptian banks. Note that remittances increased by 1.6% in FY21/22 to reach USD31.9bn, which is the highest amount ever recorded. (Sources: Zawya (English) (Arabic), Egypt Today (English), Arab News (English), al-Maal, Hapi Journal, Aswaq Information, al-Ahram, al-Masry al-Youm, al-Shurouk, al-Watan, al-Dustour, Akhbar al-Youm, Masrawy, Middle East News Agency, al-Arabiya, al-Ain)

An opportunity to make a difference!

Why join Acumen?

Our number one focus in Acumen is our performance and our greatest asset is our people. We look for a team that is self-motivated, appreciates challenge and innovative. We tend to always pick the right person in the right position.

apply now