The Central Bank of Egypt (CBE) announced that remittances from Egyptian expatriates rose in March to about US$3.3 billion, an increase of 12.8 percent on an annual basis, compared to about $2.9 billion in March 2021. The Central Bank added, in a statement on Monday, that remittances for March rose by 44.4 percent compared to February, during which it recorded about $2.3 billion. A recent report anticipates that remittances from Egyptian expatriates would grow at a faster pace this year to eight percent, compared to a growth rate of 6.4 percent in 2021. Egypt was one of the largest destinations for remittances from abroad in 2021, as the Egyptian government received remittances of approximately $31.5 billion. The report predicted a record rise in remittances to Ukraine, which is the largest recipient of remittances in Europe and Central Asia, by more than 20 percent.
Source: Egypt Independent May 17, 2022 03:45 UTC