{"id":588916,"date":"2023-06-19T00:00:00","date_gmt":"2023-06-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/19\/remittances-poised-for-small-rebound-this-year\/"},"modified":"2023-06-19T00:00:00","modified_gmt":"2023-06-19T00:00:00","slug":"remittances-poised-for-small-rebound-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/19\/remittances-poised-for-small-rebound-this-year\/","title":{"rendered":"Remittances poised for small rebound this year"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Remittances to Egypt will rebound in 2023<\/span><span style=\"\"> as the number of Egyptians working <\/span><span>abroad <\/span><span>picks up following the covid-19 pandemic, according to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/875.pdf\" style=\"\">World Bank (pdf)<\/a><\/span><span>. <\/span><span>The Bank expects remittance flows to increase by 3.1%<\/span><span> in 2023<\/span><span> followed by weaker 1.4% growth the year after. This would put annual remittances at almo<\/span><span>st USD 29.2 bn th<\/span><span style=\"font-weight:400;\">is year, according to our math. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The FX crunch meant 2022 wasn\u2019t a great year for remittances:<\/span><span> Remittances from <\/span><span>Egyptians abroad fell 10% to USD 28.3 bn last year as people sold FX on the black market or held onto it on expectations for a further EGP devaluation, according to the World Bank. Egyptian authorities have devalued the currency three times over the past year, causing it to lose almost half of its value against the USD. The lender had in December estimated that 2022 inflows would come in at <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6caf274e-5f11-4586-b36d-1f94b604262d\" style=\"\">USD 32.3 bn<\/a><\/span><span style=\"font-weight:400;\">, which would have marked a 2.5% increase on the year before. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It wasn\u2019t just Egypt:<\/span><span> Remittances to the MENA region fell almost 4% to USD 64 bn in 2022, <\/span><span>driven primarily by lower flows to Algeria and Jordan as well as here. It is projected that remittances for the overall region will stage a moderate rebound over the next two years, rising 1.7% in 2023 and 1.8% i<\/span><span>n 2024.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Remittances into Egypt fell 10% last year due to exchange rate uncertainty<\/p>\n","protected":false},"author":1,"featured_media":588917,"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":[104,72,2234,2396,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-remittances","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"5746193e-7714-4ae9-9a9a-7e3b29e78e7a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/889.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Remittance flows to rebound this year after falling in 2022","related_issue":[588902],"teaser":"Remittances into Egypt fell 10% last year due to exchange rate uncertainty","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.edddb2ca-b081-4ac5-bf29-27fbad9f5128.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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 &quot;Economy&quot;","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":546341,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/12\/remittances-from-egyptians-abroad-to-grow-8-in-2022-says-world-bank\/","url_meta":{"origin":588916,"position":1},"title":"Remittances from Egyptians abroad to grow 8% in 2022, says World Bank","author":"enterpriseam admin","date":"12 May 2022","format":false,"excerpt":"It\u2019s not all dim on the macro front: Remittances from Egyptian expats are expected to grow at a faster pace in 2022, rising by 8% compared to 6.4% last year, according to the World Bank\u2019s latest forecast (pdf). The lender says that flows will pick up due to an \u201caltruistic\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544661,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/remittances-hit-record-high-in-2021\/","url_meta":{"origin":588916,"position":2},"title":"Remittances hit record high in 2021","author":"enterpriseam admin","date":"15 March 2022","format":false,"excerpt":"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\u2019s top remittance destinations last year, according to theWorld Bank, which puts us fifth behind India, China, Mexico and the Philippines.Remittances have\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/185.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":588916,"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 &quot;Speed Round&quot;","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":574826,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/23\/remittances-rise-11-in-july\/","url_meta":{"origin":588916,"position":4},"title":"Remittances rise 11% in July","author":"enterpriseam admin","date":"23 September 2020","format":false,"excerpt":"Remittances from Egyptians working abroad rose 11% to USD 2.9 bn in July, up from USD 2.6 bn reported in July of 2019, according to state news agency MENA. 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