File Photo: The headquarters of Egypt s Central Bank are seen in downtown Cairo, Egypt. REUTERS
The CBE also announced that Egyptian expats’ total remittances into the Egyptian market recorded about $24 billion in the first nine months of 2021, with an increase rate of 8.8 percent ($1.9 billion) compared to the same period of 2020.
However, the remittances declined slightly in September by 3 percent, on an annual basis, to record $2.6 billion, down from the $2.7 billion posted in September 2020, according to the CBE.
According to the latest figures published by the CBE, Egypt’s net international reserves (NIRs) slightly rose by the end of November to $40.9 billion, up from $40.8 billion in October.
In October, Fitch Ratings maintained Egypt’s long-term foreign-currency issuer default rating (IDR) at ‘B+’ with a stable outlook.
In its report, Fitch said that Egypt’s ratings are supported by its ongoing fiscal and economic reforms as well as its large economy, which has demonstrated stability and resilience through the global health crisis.
In November, the World Bank projected remittances to low- and middle-income countries to grow significantly by 7.3 percent to reach $589 billion in 2021, which is more robust than earlier estimates and follows the resilience of flows in 2020, when remittances declined by only 1.7 percent despite the severe impacts of the COVID-19 pandemic.
For the Middle East and North Africa (MENA) region, remittances went up by 9.7 percent in 2021, according to the World Bank.
The World Bank also expected remittances to continue to grow by 2.6 percent in 2022 in line with global macroeconomic forecasts.
“A resurgence of COVID-19 cases and the reimposition of mobility restrictions poses the biggest downside risk to the outlook for global growth, employment, and remittance flows to developing countries. The rollback of fiscal stimulus and employment-support programmes, as economies recover, may also dampen remittance flows,” said the World Bank.