{"id":557374,"date":"2021-09-16T04:00:49","date_gmt":"2021-09-16T04:00:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021\/"},"modified":"2021-09-16T04:00:49","modified_gmt":"2021-09-16T04:00:49","slug":"remittances-hit-record-high-in-fy2020-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021\/","title":{"rendered":"Remittances hit record high in FY2020-2021"},"content":{"rendered":"

<\/a> Remittances hit a record high in FY2020-2021<\/strong>, 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)<\/a> released yesterday. Inflows rose almost 30% to USD 8.1 bn in 4Q, up from USD 6.2 bn in the same period last year.<\/sup><\/p>\n

Inflows held up well through the pandemic:<\/strong> Remittances shrugged off covid lockdowns and the global oil price crash to rise 7% to USD 29.2 bn during 2020. In the second quarter \u2014 during which the initial wave of covid coincided with a historic slump in the price of oil \u2014 inflows slipped 10% y-o-y, only to rebound immediately the following quarter, reaching a multi-year high of more than USD 8 bn. Many analysts had issued more apocalyptic forecasts for Egyptian remittances, which rely heavily on expats living in Gulf economies that were hit hard by the oil crash and months of lockdown.<\/p>\n

Egypt was one of the top five remittance destinations in 2020<\/strong>, according to Ripple<\/a>. Central bank data put the value of remittances<\/a> last year at USD 29.6 bn, up 10% from 2019 in spite of the disruption caused by the pandemic and the turmoil in the energy markets.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 period last year. Inflows held […]<\/p>\n","protected":false},"author":1,"featured_media":557375,"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":[104,72,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"508c54b6-673f-4f8b-9d30-841219cc42c2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/219.jpg","photo_position":"above","related_issue":[557370],"teaser":"","voice_url":""},"yoast_head":"\nRemittances hit record high in FY2020-2021 - 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\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittances hit record high in FY2020-2021\" \/>\n<meta property=\"og:description\" content=\"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 period last year. Inflows held […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-16T04:00:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/219.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Remittances hit record high in FY2020-2021\",\"datePublished\":\"2021-09-16T04:00:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021\/\"},\"wordCount\":194,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/219.jpg?fit=%2C&ssl=1\",\"keywords\":[\"economy\",\"EnterpriseAM\",\"oil and gas\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021\/\",\"name\":\"Remittances hit record high in FY2020-2021 - 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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":554158,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/remittances-up-1-5-in-1q2021-2022\/","url_meta":{"origin":557374,"position":1},"title":"Remittances up 1.5% in 1Q2021-2022","author":"enterpriseam admin","date":"22 December 2021","format":false,"excerpt":"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\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":548842,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/","url_meta":{"origin":557374,"position":2},"title":"Remittances hit all-time high in FY2021-2022, driven by high oil prices and CDs","author":"enterpriseam admin","date":"24 August 2022","format":false,"excerpt":"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\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\/8\/369.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":557374,"position":3},"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":[]},{"id":567814,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/egypts-budget-deficit-down-remittances-up\/","url_meta":{"origin":557374,"position":4},"title":"Egypt\u2019s budget deficit down, remittances up","author":"enterpriseam admin","date":"8 December 2020","format":false,"excerpt":"Egypt\u2019s budget deficit shrank to EGP 134.9 bn, equivalent to 2.1% of GDP in 1Q2020-2021 compared to 2.3% during the same period last year, according to a Finance Ministry report (pdf). The report attributes the narrowing deficit to an 18.4% y-o-y uptick in state revenues to EGP 204.7 bn, which\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555007,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/28\/egypts-remittance-inflows-on-track-to-hit-record-high-this-year-outpace-mena-peers\/","url_meta":{"origin":557374,"position":5},"title":"Egypt\u2019s remittance inflows on track to hit record high this year + outpace MENA peers","author":"enterpriseam admin","date":"28 November 2021","format":false,"excerpt":"Remittance inflows to Egypt are on course to hit a record high this year as higher oil prices and the global economic recovery fuel an increase in transfers. 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