The Central Bank of Egypt announced on Tuesday that remittances of Egyptians working abroad during the first quarter of the fiscal year 2021-2022 from July/September 2021 rose by 1.5 percent on an annual basis. A statement from the CBE said that remittances reached about US$8.1 billion during the first quarter of the current fiscal year, compared to about eight billion dollars during the same period from 2020-2021. Preliminary data for remittances of workers abroad during September 2021 showed a slight decrease of three percent (on an annual basis) to reach about $2.62 billion (compared to about $2.70 billion in September 2020). Banking expert Mohamed Abdel-Aal said that the increase in remittance rates is a good gesture amid the recent increase in the inflation rate, which has made workers abroad increase the value of their remittances as a form of support for their families. Abdel-Aal added that the confidence of Egyptians working abroad in the stability of the economy contributed to the increase in remittances rates.

Source: Egypt Independent December 22, 2021 21:41 UTC