{"id":548842,"date":"2022-08-24T04:00:15","date_gmt":"2022-08-24T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/"},"modified":"2022-08-24T04:00:15","modified_gmt":"2022-08-24T04:00:15","slug":"remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/","title":{"rendered":"Remittances hit all-time high in FY2021-2022, driven by high oil prices and CDs"},"content":{"rendered":"

<\/a> Remittances hit a record high for the second year running in FY 2021-2022<\/strong>, rising 1.6% y-o-y to USD 31.9 bn, according to central bank figures (pdf)<\/a> released yesterday. Inflows rose 2.5% y-o-y to a record USD 8.3 bn in the final quarter of the fiscal year (April-June) amid soaring oil prices.<\/p>\n

Driving the inflows: <\/strong>Remittance inflows surged more than 40% m-o-m and 13% y-o-y to USD 3.3 bn<\/a> in March, the same month that oil prices spiked following Russia\u2019s invasion of Ukraine and state-owned banks launched high-interest savings certificates in the aftermath of the EGP devaluation.<\/p>\n

#1- Oil prices:<\/strong> Almost all of Egypt\u2019s remittances are sent by workers in the oil-rich Gulf and as such tend to be sensitive to fluctuations in global oil prices. GCC economies have been awash with oil revenues this year on the back of western sanctions on Russian oil, which have pushed the price of Brent above USD 100 a barrel for much of the past six months.<\/p>\n

#2- High-interest<\/strong> CDs could have played a part:<\/strong> The National Bank of Egypt (NBE) and Banque Misr launched their one-year, 18% certificates of deposit (CDs) in the third week of March, the day after the central bank devalued the EGP by 16%. Over the next 10 weeks, savers poured c. EGP 750 bn<\/a> into the savings certificates, with more than a third of this coming during the third week of March<\/a> alone. High-interest CDs have been supportive of remittance inflows in the past, such as during the covid-19 pandemic<\/a> in 2020 and following the EGP float<\/a> in 2016.<\/p>\n

Remittances are a key source of hard currency for Egypt<\/strong>, and have grown more important this year as the spike in commodities prices, market volatility and rising interest rates have left the country hard up for foreign currency.<\/p>\n

Inflows have grown robustly in recent years<\/strong> despite the pandemic and subsequent global economic challenges. Remittances reached a record high of USD 31.4 bn<\/a> in FY 2020-2021, making Egypt the fifth-largest recipient of remittances in the world.<\/p>\n

Can the trend continue? <\/strong>Remittance growth in 2021 came on the back of higher oil prices, remittance returns from expatriates in the Gulf, and healthy economic activity in Europe and the US, according to the World Bank<\/a>. With most developed economies staring down the barrel of a recession and commodities prices beginning to cool, some of those drivers may be dissipating.<\/p>\n

The World Bank is optimistic: <\/strong>The lender expects inflows to grow at a faster pace in 2022, rising by 8% compared to 6.4% in 2021, according to its latest forecast<\/a> in May. It says flows will pick up due to an \u201caltruistic response\u201d by emigrants to difficulties being faced at home, while economic growth abroad should continue to be supportive of remittances despite the expected slowdown.<\/p>\n","protected":false},"excerpt":{"rendered":"

Remittances hit a record high for the second year running in FY 2021-2022, rising 1.6% y-o-y to USD 31.9 bn, according to central bank figures (pdf) released yesterday. Inflows rose 2.5% y-o-y to a record USD 8.3 bn in the final quarter of the fiscal year (April-June) amid soaring oil prices. Driving the inflows: Remittance […]<\/p>\n","protected":false},"author":1,"featured_media":548843,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[271,104,72,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"dac629a7-c5f1-47e6-be38-83edd3859603","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/369.jpg","photo_position":"above","related_issue":[548836],"teaser":"","voice_url":""},"yoast_head":"\nRemittances hit all-time high in FY2021-2022, driven by high oil prices and CDs - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittances hit all-time high in FY2021-2022, driven by high oil prices and CDs\" \/>\n<meta property=\"og:description\" content=\"Remittances hit a record high for the second year running in FY 2021-2022, rising 1.6% y-o-y to USD 31.9 bn, according to central bank figures (pdf) released yesterday. 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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\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/450.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557374,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021\/","url_meta":{"origin":548842,"position":1},"title":"Remittances hit record high in FY2020-2021","author":"enterpriseam admin","date":"16 September 2021","format":false,"excerpt":"Remittances hit a record high in FY2020-2021, growing more than 13% to USD 31.4 bn compared to USD 27.8 bn the previous fiscal year, according to central bank figures (pdf) released yesterday. Inflows rose almost 30% to USD 8.1 bn in 4Q, up from USD 6.2 bn in the same\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/219.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570173,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/22\/egyptian-remittances-rise-5-in-2019\/","url_meta":{"origin":548842,"position":2},"title":"Egyptian remittances rise 5% in 2019","author":"enterpriseam admin","date":"22 March 2020","format":false,"excerpt":"Remittances rise 5% in 2019: Remittances from Egyptians living abroad rose 5% to USD 26.8 bn in 2019 from USD 25.5 bn in 2018, according to preliminary central bank figures (pdf). The second half of the year in particular saw a notable pickup in inflows, which rose 13.5% on an\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546447,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/govt-lowers-economic-growth-target-for-next-fiscal-year-plus-remittances-were-up-again-in-march\/","url_meta":{"origin":548842,"position":3},"title":"Gov\u2019t lowers economic growth target for next fiscal year Plus: Remittances were up again in March","author":"enterpriseam admin","date":"17 May 2022","format":false,"excerpt":"The Madbouly government has cut its 2022-2023 growth forecast to 4.5% from 5.5%, a cabinet statement quoted Prime Minister Moustafa Madbouly as saying yesterday. The government was predicting 5.5% growth in the coming fiscal year as recently as last week, when it published its draft budget.Russia\u2019s war in Ukraine has\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/209.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564211,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/17\/remittances-spike-in-may\/","url_meta":{"origin":548842,"position":4},"title":"Remittances spike in May","author":"enterpriseam admin","date":"17 August 2021","format":false,"excerpt":"Remittance inflows from Egyptians working abroad rose almost 50% in May to USD 2.6 bn, up from USD 1.8 bn in May 2020, according to central bank figures (pdf) released this morning. Expats sent some USD 28.5 bn back home during the first 11 months of the fiscal year (July\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/454.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":670860,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/27\/remittances-from-egyptians-abroad-hit-record-high-of-usd-36-5-bn-in-fy-24-25\/","url_meta":{"origin":548842,"position":5},"title":"Remittances from Egyptians abroad hit record high of USD 36.5 bn in FY 24-25","author":"enterpriseam admin","date":"27 August 2025","format":false,"excerpt":"On a monthly basis, remittances also hit the highest figure ever recorded for June, coming in at USD 3.6 bn","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1169.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548842"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548842\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548836"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548843"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548842"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548842"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}