The Central Bank of Egypt (CBE) has revealed that remittances from Egyptians working abroad increased by about $3.3bn to $28.5bn in the period from July 2020 to May 2021, compared to about $25.2bn in the period from July 2019 to May 2020, with a growth rate of 13 %. CBE added, in a statement on Tuesday, that the volume of remittances increased in May 2021 by 45.2% to record about $2.6bn, compared to about $1.8bn in May 2020. Remittances are one of the most important foreign exchange resources for Egypt. The Central Agency for Public Mobilization and Statistics said earlier that Egypt ranked sixth in the World Bank's classification of the countries most receiving remittances, reaching $24.4bn in 2020, noting that these remittances represent 6.7% of GDP. Ambassador Nabila Makram, Minister of State for Immigration and Egyptians Expatriates' Affairs, said that what we are witnessing of an increase in remittances during this period reflects the confidence of the Egyptians residing abroad in the political leadership.
