{"id":564211,"date":"2021-08-17T13:29:02","date_gmt":"2021-08-17T13:29:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/17\/remittances-spike-in-may\/"},"modified":"2021-08-17T13:29:02","modified_gmt":"2021-08-17T13:29:02","slug":"remittances-spike-in-may","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/17\/remittances-spike-in-may\/","title":{"rendered":"Remittances spike in May"},"content":{"rendered":"

<\/a> Remittance inflows from Egyptians working abroad rose almost 50% in May to USD 2.6 <\/strong>bn<\/strong>, up from USD 1.8 bn in May 2020, according to central bank figures (pdf)<\/a> released this morning. Expats sent some USD 28.5 bn back home during the first 11 months of the fiscal year (July 2020-May 2021), up 13% from the same period a year earlier.<\/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

Inflows have remained above pre-pandemic levels since<\/strong>, coming in at USD 7.9 bn in the most recent quarterly balance of payments report<\/a> in 3Q2020-2021.<\/p>\n

Remittances are a key source of hard currency for Egypt<\/strong> and have only grown more important since the onset of the pandemic, which shuttered the country\u2019s tourism industry and cut into Suez Canal revenues.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 2020-May 2021), up 13% from […]<\/p>\n","protected":false},"author":1,"featured_media":564212,"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":[10034],"tags":[104,633],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-economy","tag-economy","tag-enterprisepm","wpautop","entry"],"acf":{"mongo_id":"92b119cc-2312-4a1b-845e-c3ac3685f887","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/454.jpg","photo_position":"above","related_issue":[564207],"teaser":"","voice_url":""},"yoast_head":"\nRemittances spike in May - 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\/08\/17\/remittances-spike-in-may\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittances spike in May\" \/>\n<meta property=\"og:description\" content=\"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. 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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":564211,"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":570173,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/22\/egyptian-remittances-rise-5-in-2019\/","url_meta":{"origin":564211,"position":3},"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":573290,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/rising-remittances-curb-current-account-deficit-in-3q2019-2020\/","url_meta":{"origin":564211,"position":4},"title":"Rising remittances curb current account deficit in 3Q2019-2020","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"Rising remittances curb current account deficit in 3Q2019-2020: A rise in foreign remittances helped Egypt\u2019s current account shrug off the effects of the covid-19 pandemic during 3Q FY2019-2020, narrowing the deficit markedly to USD 2.8 bn from USD 4.5 bn a year earlier, according to official data (pdf) released by\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\/2020\/7\/222.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565045,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/15\/remittance-inflows-survive-2020-despite-pandemic\/","url_meta":{"origin":564211,"position":5},"title":"Remittance inflows survive 2020 despite pandemic","author":"enterpriseam admin","date":"15 March 2021","format":false,"excerpt":"Egypt\u2019s remittance inflows defied expectations to grow more than 10% in 2020 despite the shock of the pandemic, a trend that may have been fuelled by the return of expats and high-interest savings products offered by banks, analysts tell us. 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