On the other hand, the bank’s preliminary data shows that remittances declined in November 2021 by 3.9 percent year-on-year (Y-O-Y) to $2.5 billion, down from $2.6 billion reached in November 2020, according to CBE’s sub-governor Adel Abdel Azim.
Otherwise, remittances rose month-on-month (M-O-M) in November 2021 by 8.7 percent compared to October, according to Abdel Azim.
Remittances jumped to an unprecedented rate of 13.2 percent in FY2020/2021 to reach $31.4 billion, up from $27.8 billion recorded in FY 2019/2020, according to CBE
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