The latest data released by the Central Bank of Egypt showed that remittances from Egypt abroad increased during the 2021/2022 financial year.
The Central Bank of Egypt said today, Tuesday, that Egyptians’ remittances abroad rose by 1.6 percent to $31.9 billion during the latest fiscal year 2021/2022, from July 2021 to June 2022.
On the other hand, data from the Egyptian Central Bank showed that remittances fell by about $100 million in June to $2.8 billion.
Remittances from Egyptians working abroad increased by 2.1% between July 2021 and May 2022 to reach $29.1 billion, compared to about $28.5 billion in the same period last fiscal year.
The central bank said remittances sent by workers abroad to Egypt totaled about $2.4 billion in May alone, down from about $2.6 billion in the same month the previous year.
Remittances from Egyptians working abroad are one of the important sources of hard currency in Egypt, which have increased significantly in recent years.
Egyptians’ overseas remittances in the previous fiscal year 2020-21 were about $31.4 billion, compared to about $27.8 billion in fiscal 2019-2020.
Source: RT