Egypt ranked 6th globally in expats’ remittances in 2023: CAPMAS

MENA , Saturday 15 Jun 2024

Egypt held the 6th position among the world’s remittance recipient countries in 2023, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Saturday.

File Photo: USD bills. Al-Ahram
File Photo: USD bills. Al-Ahram


In a statement marking the International Day of Family Remittances, CAPMAS revealed that Egypt followed India, Mexico, China, the Philippines, and France, according to recent data from the World Bank.

CAPMAS noted that Egyptian expatriates reached 11.09 million by the end of 2023.

The agency cited the World Bank, which estimated that global remittance flows reached USD 860 billion in 2023, a 3 percent increase from the previous year. These flows are projected to grow at a nearly similar rate of 3.1 percent in 2024.

Remittances are Egypt's primary source of foreign currency, surpassing even the Suez Canal and tourism revenues.

According to 2021 figures from the World Bank, remittances account for 7.8 percent of Egypt's GDP.

The International Day of Family Remittances is celebrated on June 16 each year. It recognizes the crucial contributions of over 200 million migrant workers who send money to over 800 million family members in low—and middle-income countries.

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