Adel Abdel Azim, Deputy Governor of the Economic Research Sector at the Central Bank of Egypt (CBE), has said that remittances from Egyptians working abroad increased during the period from July to September 2021, at a rate of 1.5% on an annual basis, to record about $8.1bn, compared to about $8bn during the same period in 2020.
He added that total transfers during the period from January to September 2021 amounted to about $24bn, an increase of about $1.9bn, an average of 8.8% compared to the same period in 2020.
Preliminary data of the CBE showed a decline in remittances from Egyptians working abroad during September 2021 at a slight rate of 3.0% on an annual basis, to record about $2.62bn, compared to about $2.70bn during September 2020.
Remittances of workers abroad are one of the most important foreign exchange resources for the state, and Egypt occupies an advanced position among the largest recipient countries of such remittances worldwide.
The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed earlier that Egypt ranked sixth in the World Bank’s classification of the country’s most receptive to remittances from abroad in 2020, pointing out that these remittances represent 6.7% of the total GDP.
