According to the Central Bank of Egypt, remittances to the country are one of its most important sources of foreign currency. During the 2021-2022 financial year, they increased by 1.6% compared to the previous financial year.
Remittances from the Egyptian diaspora to the country reached $31.9 billion in the fiscal year 2021-2022. This was reported by several local media, citing a statement from the country’s Central Bank (CBE).
This amount is mainly supplied by Egyptian workers residing in the Gulf countries. One of the most important sources of foreign exchange for the Egyptian economy, remittances rank far ahead of other sources of income for the country such as the Suez Canal, whose profits reached $7 billion during the period under review.
During the 2020-2021 fiscal year, funds from the diaspora reached $31.4 billion, despite covid-19 which greatly slowed global financial flows.
The figures for the fiscal year that has just ended are up 1.6% compared to the previous year.