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Remittances from Egyptian expatriates increased 7.7 percent during the first four months of 2022, recording $ 11.1 billion, compared to $10.3 billion during the same period of 2021, announced by the Central Bank of Egypt (CBE).
In April, the remittances of Egyptians expatriates recorded $3.1 billion, compared to about $2.5 billion compared to the same month of 2021, marking an increase of 24.4 percent.
The remittances decreased by 7.2 percent on a monthly basis as it recorded $3.3 billion in March 2022.
Remittances from Egyptians expatriates during March 2022 recorded about $3.3 billion, an increase of 12.8 percent (on an annual basis), compared to about $2.9 billion in March 2021.
The CBE clarified that the remittances increased by 44.4 percent on a monthly basis which recorded $2.3 billion in February 2022.
It added that the cumulative period from July/March of 2021/2022 recorded an increase of 1.1 percent (on an annual basis) to reach about $23.6 billion.
Remittances of Egyptians abroad represent an important source of hard currency in Egypt, with every Egyptian pound flotation having a direct positive effect on the amount of remittances. The most recent pound flotation was in November 2016.
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