The Central Bank of Egypt (CBE) has showed that remittances from Egyptians working abroad during the first 11 months of the fiscal year 2020-2021 rose by US$3.3 billion, compared to the same period of 2019-2020, an increase of 13 percent.
Remittances from Egyptians working abroad during the July-May period of the fiscal year 2020-2021 recorded an increase of 13 percent by about $3.3 billion to record about US$ 28.5 billion (compared to about $25.2 billion during the same period of the previous fiscal year 2019-2020).
The data also showed an increase in these transfers during May 2021 at an annual rate of 45.2 percent, to record about $2.6 billion compared to about $1.8 billion in May 2020.
Remittances from Egyptians working abroad registered an increase of 10.5 percent during the year 2020, and reached about $29.6 billion by the end of 2020.
Remittances from Egyptians working abroad registered $26.8 billion in 2019.
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.