Egyptian expats’ remittances recorded $250.3 billion in the past 10 years, from FY 2011\/2012 through FY 2019\/2020, reported the Central Agency for Public Mobilisation and Statistics (CAPMAS) on Monday.<\/p>\n
The figure accounts for 31.7 percent of Egypt\u2019s net international reserves.<\/p>\n
During this period, remittances went up and down, recording a high of $27.8 billion in FY 2019\/20 and a low of $12.6 billion in FY 2010\/11.<\/p>\n
Remittances registered an 8.5 percent increase from July 2020 to March 2021, to reach $23.4 billion, up from $21.5 billion in the same period of 2020, the Central Bank of Egypt (CBE) announced in June.<\/p>\n
However, they declined to $7.8 billion in the first three months of 2021, down from $7.8 billion in the same period of 2020, amid the pandemic crisis, stated the CBE.<\/p>\n
Remittance inflows and tourism revenues are expected to fall further as the full impact of the pandemic shock increases in FY 2020\/21, Fitch Rating said in March.<\/p>\n
Fitch added that the CBE’s net foreign assets, amounting to $13 billion in January, remain widely lower than its gross reserves.<\/p>\n
In FY 2019\/20, Egypt was one of the top five receivers of remittances globally.<\/p>\n
In October 2020, the World Bank (WB) expected that global remittances would decrease by 14 percent in 2021 than in 2019, driven by the COVID-19 shock.<\/p>\n
Remittance inflows to low- and middle-income countries, where the WB classifies Egypt, were projected to drop by seven percent, to reach $508 billion in 2020, followed by a further decline of 7.5 percent, to post $470 billion in 2021, according to the WB.<\/p>\n
Trading Economics (TE) projected Egypt\u2019s remittances to significantly hike to $73 billion in 2022 and $75 billion in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"
Egyptian expats’ remittances recorded $250.3 billion in the past 10 years, from FY 2011\/2012 through FY 2019\/2020, reported the Central Agency for Public Mobilisation and Statistics (CAPMAS) on Monday.<\/p>\n","protected":false},"author":4,"featured_media":320468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[250],"class_list":["post-322412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-capmas"],"yoast_head":"\n