Remittances from Egyptians abroad up to $31.5 billion in 2021: Central Bank of Egypt

MENA , Monday 14 Mar 2022

The Central Bank of Egypt (CBE) said on Monday that remittances from Egyptians working abroad recorded about $31.5 billion in 2021, with an increase of nearly $1.9 billion and at a rate of 6.4 percent, compared to $29.6 billion in 2020.

CBE

In a press release, the CBE said that data showed a 3.4 percent increase in December 2021 to about $2.64 billion compared to $2.55 billion in December 2020

Remittances are essential for recovery from the aftermath of the pandemic in developing countries, a recent report by the World Economic Forum said.

“The money the expats send across the world’s borders have helped smooth the economic shocks from the pandemic, fostering stronger resilience and recovery in their home nations throughout 2020 and into 2021, beyond than would have been the case without these flows,” the report explained.

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