Remittances from Egyptians abroad climb 6.6% y-o-y in first 11 months of 2021

Remittances from Egyptians working abroad rose by 6.6 percent year-on-year from January to November 2021 to $28.9 billion, Egypt’s central bank announced on Thursday.

The central bank’s preliminary data shows that remittances fell in November 2021 by 3.9 percent year-on-year to $2.5 billion, down from $2.6 billion reached in November 2020, said CBE’s sub-governor Adel Abdel Azim.

The remittances rose month-on-month (M-O-M) in November 2021 by 8.7 percent compared to October, added Abdel Azim.

Remittances jumped to an unprecedented rate of 13.2 percent in the financial year 2020/2021 to $31.4 billion, up from $27.8 billion recorded in the financial year 2019/2020, according to CBE.