Remittances from Egyptians working abroad, according to the Central Bank, increased during the past year, at a rate of 6.4 percent, and about $ 1.9 billion, to record about $31.5 billion, compared to about $29.6 billion in 2020. The growth of foreign exchange reserves also continued, achieving a record close to 41 billion dollars, which increased the confidence and reassurance of Egyptian savers in the strength and stability of the national currency.
According to the data, remittances increased during last December, at a rate of 3.4 percent on an annual basis, to record about $2.64 billion, compared to about $2.55 billion during the same month last year.
Remittances from Egyptians working abroad continued to grow positively on the monthly and annual levels. These indicators confirm the high confidence of foreign and Egyptian dealers and investors in the Egyptian pound, which helped to stabilize it, as well as increase the flow of their remittances and their assignment of shares of foreign exchange and their conversion to the pound.
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 pandemic. According to World Bank data, Egypt is one of the most prominent recipient countries of global labor remittances.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
