Egyptian remittances up 11 percent

Special Egyptian remittances up 11 percent
A man looks through a telescope as a historic Cairo observatory witnesses the changing of the moon to mark the beginning of the holy month of Ramadan in Cairo. (Reuters)
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Updated 13 April 2021

Egyptian remittances up 11 percent

Egyptian remittances up 11 percent
  • The bank added that the data showed a slight decrease in remittances in January 2021

CAIRO: Egyptians abroad sent home $18.1 billion in remittances in the first seven months of the 2020/2021 fiscal year, a year-on-year increase of 11 percent, according to new figures from the Central Bank of Egypt (CBE).

In a statement, the CBE said that remittances from Egyptians abroad during the period from July to January increased by 10.6 percent, or about $1.7 billion.

The bank added that the data showed a slight decrease in remittances in January 2021, falling to $2.54 billion, compared with $2.65 billion in January 2020.

Last March, the CBE announced that remittances from Egyptians working abroad increased by 10.5 percent to $29.6 billion in 2020.

It said that domestic liquidity grew 19.6 percent on average during the last quarter of 2020, marking the sixth consecutive quarterly increase.

The central bank also indicated that the percentage of cash in circulation outside the banking system declined as a percentage of deposits during the last quarter of 2020, while it witnessed a slight increase during the second quarter of the same year.

Deposits in foreign currency, denominated in US dollars, stabilized after declining for a whole year, the statement added.