Remittances from the diaspora have become the main source of foreign currency for the country of the pharaohs, ahead of export earnings, income from the Suez Canal, tourist receipts and foreign direct investment.
Remittances from Egyptian migrants reached $11.1 billion in the first four months of 2022 compared to $10.3 billion in the same period of 2021. This represents an increase of 7.7%, according to published data. on Tuesday July 5 by the Egyptian Central Bank.
In April alone, transfers from the Egyptian diaspora amounted to 3.1 billion dollars, an amount up 24.4% year-on-year, the same source said.
According to World Bank data, remittances from Egyptians residing abroad reached $31.5 billion in 2021 (up 6.4% from 2020), equivalent to 8% of the country’s GDP, becoming the country’s first source of foreign currency, ahead of export earnings, income from the Suez Canal, tourism receipts and foreign direct investment (FDI).
Egypt has a diaspora estimated at 10 million people, the majority of whom are established in the oil-rich Gulf monarchies, the United Kingdom and the United States.