Skip to content Skip to Search
Skip navigation

Egyptian expat remittances fall slightly to $20.9bn

Egypt has been suffering a severe shortage of foreign currency despite a 14.5 percent devaluation on October 27 REUTERS/Mohamed Abd El Ghany
Egypt has been suffering a severe shortage of foreign currency despite a 14.5 percent devaluation on October 27

Remittances from Egyptian expatriates reached $20.9 billion in the first eight months of 2022, compared to $21.4 billion a year earlier, Egypt Today reported, citing data from the Central Bank of Egypt (CBE).

Remittances from Egyptian expatriates fell to $2.2 billion in August 2022. 

Money inflow from Egyptian expatriates increased by 1.6 percent during the fiscal year 2021/2022, reaching $31.9 billion, compared to $31.4 billion in the year-earlier fiscal year.

Remittance rose 3 percent to about $8.3 billion between April and June 2022, from $8.1 billion during the corresponding period, the CBE said.

Furthermore, remittances recorded $2.8 billion in June 2022, compared to about $2.9 billion in June 2021.

Remittances of Egyptians represent an important source of hard currency in the country, as every Egyptian pound flotation has a direct positive effect on the amount of remittances, the newspaper said. 

Latest articles

Emirati director Nayla Al Khaja. Her film 'Three' is currently being shown in UAE theatres in Mandarin using Camb.ai's AI translation programme

Dubai startup helps AI-voice cloning take centre stage

A YouTube video released in January of Novak Djokovic shows the tennis star speaking fluent Spanish at a post-match press conference.  While the Serbian champion is renowned for speaking several languages, in this case his voice was created by an artificial intelligence tool developed by a Dubai-based startup, Camb.ai. The original Djokovic footage was taken […]

Alec IPO SeaWorld Abu Dhabi

Alec IPO could start listings rush in construction sector

A listing by Dubai’s Alec Engineering and Contracting could open the gates for more construction-related companies to go public as they take advantage of the country’s buoyant property market, according to a business expert. Alec, which is backed by the Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, is behind some of the […]

A Saudi woman works inside the first all-female call centre in the kingdom's security sector, in the holy city of Mecca, Saudi Arabia August 29, 2017. REUTERS/Suhaib Salem

Saudi Arabia unemployment fell in Q4 2023

Unemployment among Saudi Arabian nationals fell to 7.7 percent in the fourth quarter of 2023, from 8 percent during the same period in 2022, the government said this week, reflecting the growth of the non-oil sector despite an economic contraction.  Unemployment among Saudi males was 4.6 percent, which was up from 4.2 percent the year […]

Saudi finance minister Mohammed al-Jadaan

Saudi FDI inflow up but still far short of target

The net inflow of foreign direct investment into Saudi Arabia was just over SAR13 billion ($3.5 billion) in the fourth quarter of 2023, up 16 percent on the previous period, government data said this week.  The data, released by the General Authority for Statistics, puts the total net inflow for 2023 at SAR46 billion, which […]