Remittances from Egyptians working abroad grew by 6.4 percent year-on-year to around $31.5 billion in 2021 from $29.6 billion in 2020, Egypt’s central bank (CBE) announced in a statement on Monday.
The central bank’s data showed that remittances rose in December 2021 by 3.4 percent year-on-year to $2.64 billion, down from $2.55 billion reached in December 2020.
Egypt was one of the world’s top remittance destinations last year, according to the World Bank, being ranked fifth behind India, China, Mexico, and the Philippines.
Remittances have become an increasingly important source of foreign currency for Egypt, especially since the hit to tourist revenues caused by the COVID-19. The value of remittances has risen steadily since the pandemic, with inflows during the previous the financial year reaching a record $31.4 billion.
