{"id":326022,"date":"2022-08-23T16:23:15","date_gmt":"2022-08-23T16:23:15","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=326022"},"modified":"2022-08-23T16:23:15","modified_gmt":"2022-08-23T16:23:15","slug":"remittances-of-egyptian-expats-grow-by-1-6-in-fy2021-22","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/08\/23\/remittances-of-egyptian-expats-grow-by-1-6-in-fy2021-22\/","title":{"rendered":"Remittance&#8217;s of Egyptian expats grow by 1.6% in FY2021\/22"},"content":{"rendered":"<p>Egyptian expats\u2019 remittance inflows to Egypt grew in FY2021\/2022 by 1.6 percent to post $31.9 billion, up from $31.4 billion recorded in FY2020\/2021, the Central Bank of Egypt (CBE) announced on Tuesday.<\/p>\n<p><span dir=\"LTR\">CBE data also showed that the remittances increased by three percent in the fourth quarter (4Q) of FY2021\/2022 (April-June 2022) to record $8.3 billion, up from $8.1 billion in the corresponding quarter of FY2020\/2021<\/span><\/p>\n<p><span dir=\"LTR\">On the other hand, remittances slightly declined in June to $2.8 billion, down from $2.9 billion posted in June 2021, according to the CBE.<\/span><\/p>\n<p><span dir=\"LTR\">Egypt\u2019s FY2021\/2022 wrapped up at the end of June 2022.<\/span><\/p>\n<p><span dir=\"LTR\">Since the onset of the Russian-Ukrainian war, Egypt has witnessed a downturn in its reserves, as the country utilised a portion of it to meet the financial needs of the local market.<\/span><\/p>\n<p><span dir=\"LTR\">Egypt\u2019s net international reserves (NIRs) declined by $230 million in July to $33.1 billion, down from $33.3 billion at the end of June 2022, the CBE said on Sunday.<\/span><\/p>\n<p><span dir=\"LTR\">Prime Minister Mostafa Madbouly said on Monday that Egypt is in final stage of talks with the International Monetary Fund (IMF) for a new loan deal. This loan is expected to play a role in replenishing the country\u2019s hard currency reserves.<\/span><\/p>\n<p><span dir=\"LTR\">As a safe haven in times of crisis, Egypt has recently increased its assets of gold bars in response to global inflationary wave and elevating oil and gas prices fuelled by the war in Ukraine.<\/span><\/p>\n<p><span dir=\"LTR\">According to the World Gold Council\u2019s (WGC) recent report on global gold demand, Egypt\u00a0placed\u00a0second \u2013 following Turkey\u2013 on the list of countries purchasing gold bars in the first half (1H) of 2022.<\/span><\/p>\n<p><span dir=\"LTR\">Egypt raised its assets of gold bars to a total of 44.2 tons in 1H of 2022. In the 1Q of 2022, Egypt topped list of gold purchasers globally.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egyptian expats\u2019 remittance inflows to Egypt grew in FY2021\/2022 by 1.6 percent to post $31.9 billion, up from $31.4 billion recorded in FY2020\/2021, the Central Bank of Egypt (CBE) announced on Tuesday.<\/p>\n","protected":false},"author":4,"featured_media":321424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[222],"class_list":["post-326022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-central-bank-of-egypt-cbe"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Remittance&#039;s of Egyptian expats grow by 1.6% in FY2021\/22 - egy-africa<\/title>\n<meta name=\"description\" content=\"Egyptian expats\u2019 remittance inflows to Egypt grew in FY2021\/2022 by 1.6 percent to post $31.9 billion, up from $31.4 billion recorded in FY2020\/2021, the Central Bank of Egypt (CBE) announced on Tuesday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/08\/23\/remittances-of-egyptian-expats-grow-by-1-6-in-fy2021-22\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittance&#039;s of Egyptian expats grow by 1.6% in FY2021\/22 - 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