Data issued by the Central Bank of Egypt revealed that remittances from Egyptians working abroad rose to $29.1 billion during the first 11 months of the last fiscal year. According to the Central Bank, remittances from workers abroad increased by 2.1 percent compared to the same period of the previous fiscal year, which amounted to $28.5 billion. While remittances from workers abroad increased in mid-March, by 6.4% in 2021 to record about $31.5 billion, compared to $29.6 billion in 2020.
Remittances of workers abroad are one of the Egyptian government’s tools to provide foreign liquidity to meet the needs of the market, amid the impact of the tourism sector due to the repercussions of the Coronavirus pandemic, as well as the repercussions of the Russian war in Ukraine.
Egypt is one of the most prominent recipients of global labor remittances, according to data from the World Bank, which announced that Egypt needs to make "decisive progress" in financial and structural reforms, while Cairo is seeking new support from the International Monetary Fund.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
