RIYADH: Egypt remittances from individuals working abroad surged 12.8 percent year-on-year during the month of March to reach $3.3 billion, Alarabiya reported.
That marks a 44.4 percent jump when compared to February, which saw remittances hit $2.3 billion.
Remittances in the period extending from July 2021 up until March 2022 recorded an overall increase of 1.1 percent on an annual basis to reach an estimated $23.6 billion.
Such transactions have been forecasted to grow by 8 percent in 2022, reflecting a faster rate than 2021’s growth of 6.4 percent, according to a report issued by the World Bank.
This comes as Egypt was one of the largest destinations for remittances abroad in 2021, receiving as much as $31.5 billion in remittances.