Remittances from Egyptians working abroad rose by 12.8 percent during last March on an annual basis, to $3.3 billion.
The Central Bank of Egypt revealed that the remittances of Egyptians abroad recorded $2.9 billion during March 2021. On a monthly basis, the value of remittances increased by 44.4 percent, up from $2.3 billion in February 2022.
During the first nine months of the current fiscal year 2021/2022, which began last July, remittances rose by 1.1 percent to $23.6 billion.
Remittances from workers abroad are one of the Egyptian government’s tools to provide foreign liquidity to meet the needs of the market, amid the tourism sector being affected by the repercussions of the pandemic. Egypt is one of the most prominent receiving countries for global labor remittances, according to data from the World Bank.
The Egyptian government expected to reach an agreement with the International Monetary Fund on a reform program accompanied by a financial loan, in the coming months, at a time when the country is facing escalating challenges resulting from the Russian-Ukrainian war.
Egyptian Prime Minister Mostafa Madbouly confirmed that the agreement with the International Monetary Fund may be concluded in the coming months, including technical support.
Source (Anadolu Agency, Edited)
