Egyptian expats send more cash home in year of pandemic

Egyptian expats send more cash home in year of pandemic
People visit the small salt hills in the canal city of Port Fouad. (Reuters)
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Updated 15 March 2021

Egyptian expats send more cash home in year of pandemic

Egyptian expats send more cash home in year of pandemic
  • 2020 remittances rise 10.5 percent
  • Large Egyptian diaspora across Gulf

DUBAI: Egyptians expats sent more cash home last year as the pandemic forced many people out of work and hit household income.
Remittances from Egyptians working abroad rose 10.5 percent year-on-year to $29.6 billion in 2020, the central bank said on Monday.
Remittances in the final quarter of the year were about $7.5 billion, compared with about $7 billion the previous year, the central bank said.
The IMF in January raised its growth forecast for the country’s economy this financial year to 2.8 percent, citing milder-than-expected contraction during the pandemic.
Remittances form a significant part of the north Africa’s largest economy as the country’s diaspora, many of whom are employed in the Gulf states, regularly send funds to family and friends at home.