Minister of State for Immigration and Egyptian Expatriates Affairs Suha Gendy revealed that the remittances of Egyptians abroad reached about $ 22.1 billion during the year 2022-2023, while it amounted to about $ 31.9 billion during the year 2021-2022.
Minister Gendy explained this decline to low salaries, increased inflation, high cost of living, and spending priorities, in addition to the parallel market and what is known as the "clearing method", by obtaining hard currency from Egyptians abroad outside the banking system, in exchange for delivering money to their families at home, which affects the cash reserve.
Remittances from Egyptians abroad have doubled over the past years, from $ 17.1 billion in 2015-2016, then $ 26.39 billion in 2017-2018, reaching $ 27.75 billion, during the year 2019-2020.
Source (Alkhaleej Emirati Newspaper, Edited)
