Remittances hit record high in 2021

Remittances from Egyptians abroad rose 6.4% in 2021 to a record high of USD 31.5 bn, according to central bank figures (pdf) released yesterday.

Egypt was one of the world’s top remittance destinations last year, according to theWorld Bank, which puts us fifth behind India, China, Mexico and the Philippines.

Remittances have become an increasingly important source of foreign currency for Egypt, particularly following the hit to tourist revenues caused by the covid-19. The value of remittances has picked up steadily since the pandemic, with inflows during the previous fiscal year reaching a record USD 31.4 bn.