Prime Minister Mostafa Madbouly has revealed that the government aims to increase remittances of Egyptian expats by 10% annually over the next three years, to reach $45bn in 2026.
Madbouly explained that there are plans to make this happen, including launching dollar savings funds by the Central Bank of Egypt to attract Egyptian remittances to the official market.
The government has a plan to increase its foreign exchange resources by about $70bn annually over the next three years, reaching nearly $191bn in 2026.
The Central Agency for Public Mobilization and Statistics (CAPMAS) had recently revealed that the volume of remittances from Egyptians working abroad amounted to $219.4bn over the past 10 years.
The agency indicated that Egypt ranked fifth in the world in receiving remittances sent to it from abroad during 2021, with a value of $32bn, according to World Bank data.
The agency stated that during the last six years only, and according to CBE data, the volume of remittances witnessed a remarkable increase. They reached $21.8bn in fiscal year 2016/2017, then continued to rise until reaching $31.9bn in fiscal year 2021/2022, an increase of $10.1bn.
The Minister of Immigration and Affairs of Egyptians Abroad previously stated that the fourth edition of the “Conference of Egyptians Abroad”, scheduled to be held on 31 July, will address the role of monetary policy in encouraging an increase in cash transfers in the hard currency to Egyptians abroad. It aims to support and achieve the goals of the state’s sustainable development process.
