Egyptian Expats’ Remittances Rise By 12.8% in March, Reach $3.3bln: CBESource: www.export-egypt.com 5/17/2022, Location: Africa |
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Remittances of Egyptian expats rose by 12.8 percent in March to reach $3.3 billion, up from then $2.9 billion recorded in the corresponding month of 2021, according to the Central Bank of Egypt (CBE).
The CBE also noted that March’s remittances inched up by 44.4 percent from February 2022, when remittances registered $2.3 billion. In 2021, remittances climbed by 6.4 percent compared to 2020, recording $31.5 billion — the highest level ever recorded — up from $29.6 billion. In a recent report, the World Bank expected remittance flows to Egypt to edge up by eight percent in 2022 despite the repercussions of the global economic challenges. According to the report, Egypt came among the top five countries in terms of attracted remittances in 2021 with a total value of $32 billion, following India, Mexico (replacing China), China, and the Philippines. The report attributed this to the higher oil prices that fuel remittances from Gulf countries to Egypt as well as the economic downturns in Europe and the US. Egypt is currently facing the brunt of the negative impacts brought about by the Russian-Ukrainian conflict, the global inflationary wave, and the already existing impacts of the COVID-19 pandemic. |
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