Data from the Central Bank of Egypt showed that the remittances of Egyptians working abroad during the first nine months of 2021 increased by 8.8 percent, or $1.9 billion, amid the economic recovery from the repercussions of the Corona pandemic.
According to the Central Bank of Egypt, remittances from Egyptians working abroad amounted to $24 billion during the nine months ending last September, while it was $22.1 billion during the same period in 2020.
The data showed that remittances from Egyptians abroad decreased in September by 3 percent on an annual basis, to $2.62 billion, compared to $2.7 billion during the corresponding month of the previous year.
Remittances from Egyptians working abroad constituted a strong support for the Egyptian economy after the January 2011 revolution. Remittances from workers abroad are one of the Egyptian government’s tools to provide foreign liquidity to meet market needs, amid the tourism sector being affected by the repercussions of the pandemic. Egypt is also one of the most prominent receiving countries for global labor remittances, according to data from the World Bank.
Source (Anadolu Agency, Edited)
