File Photo: Central Bank of Egypt s headquarters is seen in downtown Cairo, Egypt . (Photo: Reuters)
Egypt's financial year starts in July and ends in June.
On the other hand, remittances declined last May to $2.4 billion, down from $2.6 billion in May 2021, according to the CBE.
Remittances are one of Egypt’s key source of foreign currency along with exports, tourism and the Suez Canal.
In its report titled “A War in a Pandemic… Implications of the Ukraine Crisis and COVID-19 on Global Governance of Migration and Remittance flows,” the World Bank said that Egypt ranked among the top five countries in terms of attracted remittances in 2021, with a total value of $32 billion, following India, Mexico (replacing China), China, and the Philippines.
It attributed that to the higher oil prices that fuel remittances from Gulf countries to Egypt as well as the economic downturns in Europe and the US.
In 2021, remittances from Egyptians working abroad reached about $31.5 billion, with an increase of nearly $1.9 billion and at a rate of 6.4 percent, compared to $29.6 billion in 2020, according to CBE.
On a global level, a report published by the World Bank in May projected remittance flows to low- and middle-income countries to grow by 4.2 percent in 2022 to reach $630 billion, following a recovery of 8.6 percent in 2021.