Egypt ranks 6th globally in receiving expat remittances in ’22/’23

Egypt ranked sixth globally in receiving expat remittances, with $22.1 billion sent by its expatriates in the fiscal year 2022/2023, down from $31.9 billion in 2021/2022. The decline is linked to currency fluctuations, a parallel dollar market, global inflation, and rising interest rates.

The Egyptian government has taken some measures to increase the volume of remittances from Egyptian expatriates through digital channels.

The Central Bank of Egypt (CBE) is negotiating with central banks in the UAE, Saudi Arabia, and Jordan to enable financial transfers via InstaPay app. It also participates in BUNA project, promoting multi-currency payments in the Arab region.

Moreover, the central bank has introduced high-yield dollar certificates and initiatives to encourage Egyptian expats to open foreign currency accounts and participate in the expats’ zero customs car import initiative.

Global remittances from workers abroad rose to $860.3 billion in 2023, a 3 per cent increase from $835.6 billion in 2022, while remittances to low- and middle-income countries amounted to $669.3 billion, up from $626 billion the previous year.

Attribution: Central Agency for Public Mobilisation and Statistics (CAPMAS).