Remittances from Egyptians abroad were up 1.5% y-o-y to USD 8.1 bn in the first quarter of FY 2021-2022, the central bank announced in a statement (pdf). The quarterly figure rose despite September being a slow month, with remittances dipping 3% y-o-y to USD 2.6 bn. In August, remittances grew 11.6% y-o-y to USD 2.7 bn.

On the up and up: The 1.5% increase for the first quarter of the state’s fiscal year comes on the back of a steep rise in remittances in the last quarter of FY 2020-2021, when inflows rose almost 30% y-o-y to USD 8.1 bn.

The figures tally with estimates that remittance inflows are on course to hit a record high this year, as higher oil prices and the global economic recovery fuel an increase in transfers, according to arecent World Bankreport. Transfers from Egyptians abroad are projected to increase almost 13% to USD 33 bn this year, making Egypt one of the world’s top five recipients of remittances in USD terms, and continuing a trend that saw inflows shrug off the pandemic to register fresh highs last fiscal year. Remittances have been vital over the past two years to make up for the covid-induced slump in foreign direct investment and tourism revenues.

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