17 May 2022

According to the CBE (Central Bank of Egypt), remittances from Egyptians abroad increased by 13% YoY in March 2022 to reach USD3.3bn. On a monthly basis, remittances in March 2022 surged by over 44% MoM from February 2022. As for the full 9M21/22, the increase was 1.1% YoY to bring it up to USD23.6bn. The World Bank, in its most recent Migration & Development Brief report, expected that remittances from Egyptians abroad will grow by 8.0% in 2022 versus 6.4% in 2021. On the other hand, the same report forecasted remittances to decline in the MENA region from 7.6% in 2021 to 6.0% in 2022. The prediction for remittances growth in low- and middle-income countries is 4.2% in 2022 versus 8.6% in 2021. The report also stated that Egypt is one of the top five remittance recipient countries in the world. (Sources: World Bank (English), Reuters (English), Zawya (English), al-Ahram (English) (Arabic), Egypt Today (English), Egypt Independent (English), Arab News (English), al-Maal, Mubasher, Amwal al-Ghad, Hapi Journal, Economy Plus Me, al-Youm al-Saabe, al-Masry al-Youm, alShurouk, al-Watan, al-Dustour, Sada el-Balad, Masrawy, CNBC Arabiya, al-Arabiya, Sky News Arabia, al-Ain, Euronews, RT) 2. Trade Deficit Drops 29% Y