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Remittances from Egyptians abroad rise 12.8% YoY in March

Remittances from Egyptians abroad rise 12.8% YoY in March

Arab Finance: Remittances from Egyptians living abroad rose by 12.8% year-on-year (YoY) in March 2022, Reuters recently reported, citing a statement by the Central Bank of Egypt (CBE).

Remittances recorded around $3.3 billion in March, versus $2.9 billion in the same month of 2021, the CBE’s data.

In the first nine months of fiscal year (FY) 2021/2022, total remittance from Egyptian expatriates increased by 1.1% YoY to $23.6 billion.

It is worth noting that Egypt was ranked fifth among the world’s top recipients of remittances in 2021 after India, Mexico, China, and the Philippines, according to the World Bank’s Migration and Development Brief.

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