Remittances from Egyptians working abroad during the first 9 months of the 2020-2021 fiscal year increased by 8.5%, or $1.8 billion, amid the gradual recovery that appears on the remittances sector from the repercussions of the Corona pandemic.
The Central Bank of Egypt said – in a statement yesterday evening Tuesday – that the remittances of Egyptians working abroad recorded 23.4 billion dollars during the period ending last March, compared to 21.5 billion dollars in the corresponding period of 2020. Read also The latest of which is the collision of two trains.. The phenomenon of catastrophic accidents in facilities and facilities in Egypt. Exorbitant customs and additional taxes.. Online purchase has become a dream for Egyptians What makes the agricultural sector in Egypt less competitive locally and internationally? Egypt raises gasoline prices and fixes the price of diesel for the industrial sector
According to the data, remittances increased in March by 11% to $2.9 billion, compared to $2.6 billion in the same month of 2020.
Remittances from Egyptians working abroad constituted a strong support for the Egyptian economy after the January 2011 revolution.
Remittances of workers abroad are one of the Egyptian government’s tools to provide foreign liquidity, to meet the needs of the market, amid the tourism sector being affected by the repercussions of the Corona pandemic.
According to a recent report by the World Bank, global remittances during 2020 decreased by 1.6 percent on an annual basis, to $540 billion, in light of the repercussions of the Corona pandemic. Egypt is one of the most prominent countries receiving remittances globally.