Saudi Arabia recently announced that it had made a deposit worth $3 billion to the CBE to support Egypt’s liquidity of foreign exchange. In addition, the kingdom has extended the maturity of previous deposits with a total value of $2.3 billion.
In October, the International Monetary Fund said it expects emerging markets and developing economies to experience a decline in capital and foreign direct investments in the short and medium terms amid the ongoing challenges caused by the pandemic.
Egyptian expats’ remittances jumped to an unprecedented rate of 13.2 percent in FY 2020/2021 to post $31.4 billion, up from $27.8 billion in FY 2019/2020, according to CBE data.
CBE data also showed that Egyptian expats’ remittances edged up by 29.6 percent from April to June 2021 to reach $8.1 billion, up from $6.2 billion in the same period of 2020.
Moreover, expat remittances rose by an annual rate of 15.5 percent in June to reach $2.9 billion, up from $2.6 billion in June 2020, according to the CBE.
On the other hand, the CBE announced on Wednesday that Egypt repaid $15.8 billion in external debt in FY2020/2021, compared to $17.2 billion the country repaid by end of June 2020.
This amount includes $11.6 billion in loan instalments and $4.1 billion in debt services, according to the CBE.