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)