Banking & Finance Egyptian expat remittances fall slightly to $20.9bn By Pramod Kumar November 20, 2022, 9:14 AM 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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