18 Aug 2021

The CBE (Central Bank of Egypt) reported that remittances from Egyptians working abroad have risen significantly. Remittances increased by 45% YoY in May 2021 to reach USD2.6bn. During 11MFY20/21 (the period from July 2020 to May 2021), remittances rose by 13% YoY to reach USD28.5bn. These considerable increases in remittances reflect the confidence of Egyptians working abroad in their country’s economy. Remittances and revenues from the tourism sector and the Suez Canal are the main sources of foreign currency inflows to Egypt.

(Source: CBE, State Information Service (English), Reuters (English) (Arabic), Mubasher (English), al-Ahram (English) (Arabic), Daily News Egypt (English), Egypt Today (English), Egypt Independent (English), al-Maal, Arab Finance, Zawya, al-Youm al-Saabe, al-Masry al-Youm, al-Watan, al-Shurouk, CNBC Arabia, al-Sharq al-Awsat)