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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. 

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