Egyptian expats’ remittances grow 2.1% YoY

Egypt's financial year starts in July and ends in June. 

On the other hand, remittances declined last May to $2.4 billion, down from $2.6 billion in May 2021, according to the CBE.

Remittances are one of Egypt’s key source of foreign currency along with exports, tourism and the Suez Canal.

In its report titled “A War in a Pandemic… Implications of the Ukraine Crisis and COVID-19 on Global Governance of Migration and Remittance flows,” the World Bank said that Egypt ranked among the top five countries in terms of attracted remittances in 2021, with a total value of $32 billion, following India, Mexico (replacing China), China, and the Philippines.