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Remittances from Egyptians abroad reach $2.6 billion in May

Remittances from Egyptians abroad

Remittances from Egyptians working abroad jumped to $2.6 billion in May, compared to $1.8 billion a year ago, according to the Central Bank of Egypt.

The Central Bank of Egypt stated that remittances increased 13% in the first 11 months of the 2020-2021 fiscal year to $28.5 billion from $25.2 billion a year ago.

Data issued last June stated that the remittances of Egyptians working abroad amounted to about $205.3 billion, representing about 31.7$ of Egypt’s total foreign exchange earnings over 10 years.

Remittances from Egyptians abroad

Data issued by the Central Agency for Public Mobilization and Statistics indicated that the value of remittances for Egyptians working abroad amounted during the 2010/2011 fiscal year to about $12.6 billion, rising during the 2011/2012 fiscal year to about $18 billion, with a growth rate of about 42.7%.

The value of remittances during the fiscal year 2012/2013 amounted to about $18.7 billion, an increase of 3.9%. However, it returned to a decline of 8% during the fiscal year 2013/2014, after recording about $18.5 billion.

During the fiscal year 2014/2015, remittances from Egyptians working abroad increased to about $19.3 billion, an increase of 4.4% over the figures for the previous fiscal year.

Then it returned to decline during the fiscal year 2015/2016 to the level of $17.1 billion, recording a decline of 11.7%.

Flotation decisions

Due to the issuance of the flotation decisions on November 1, 2016, the remittances of Egyptians working abroad recorded a big jump during the fiscal year 2016/2017, reaching about $21.8 billion, with a growth rate of 27.7%.

Then it continued to rise during the fiscal year 2017/2018 to record about $26.4 billion, with a growth rate of about 21%.

During the fiscal year 2018/2019, the value of remittances amounted to about $25.2 billion, a decline of 4.7%, and then rose again by 10.4% during the fiscal year 2019/2020 to record about $27.8 billion.

Official figures showed that the total foreign currency inflows at the National Bank of Egypt and the central bank amounted to about $240 billion, from November 2016 to the current month.

In November 2016, the Egyptian government announced the start of implementing the economic reform program.

The plan began by floating the Egyptian pound against the dollar and completely liberalizing the exchange market.

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