Remittances from Egyptians working abroad during the first ten months of 2021 reached about US$26.4 billion, an increase of about $1.9 billion by 7.8 percent compared to the same period of 2020.
From July to October 2021 it achieved an increase of 0.7 percent (on an annual basis) to about $10.45 billion compared to about $10.37 during 2020.
The Deputy Governor of the Central Bank of Egypt Adel Abdel-Azim said that preliminary data during October 2021 showed a decline in remittances from Egyptians working abroad slightly by 1.7 percent (on an annual basis) to reach about $2.30 billion (compared to about $2.34 billion during October 2020).
Egyptian expatriates send back billions of dollars a year in remittances, an important source of hard currency.
The Suez Canal, remittances from Egyptians living abroad, and the tourism sector are the main sources of foreign currency coming into the country.
Banking expert Mohamed Abdel-Aal said that the increase in remittance rates is a good gesture amid the recent increase in the inflation rate, which has made workers abroad increase the value of their remittances as a form of support for their families.
Abdel-Aal added that the confidence of Egyptians working abroad in the stability of the economy contributed to the increase in remittances rates.
He said he expects a rise in remittance rates during the coming period as a result of the security stability associated with projects and the regularity of the banking sector, which encourages them to increase their remittances in the future.