Egypt posts 13 per cent increase in Remittances by citizens working abroad over July-May 2020-21 period

Egypt’s Central Bank Tuesday reported $28.5 billion of remittances by Egyptians working abroad, a 13 per cent increase year-on-year from July 2020 to May 2021, the first 11 months of Egypt’s financial year (FY), Reuters reports.
The remittances according to the report, rose by 45.2% YoY in May 2021, recording nearly $2.6 billion, compared to about $1.8 billion in May 2020. In June, the Central Bank said the remittances increased by 8 per cent over a nine month-period between July 2020 and March 2021, to stand at $1.5 billion.

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