Learn about the evolution of remittances from Egyptians working abroad during 5 years

The transformations of Egyptians working abroad have witnessed a remarkable development during the past 5 years, as they represent an important source of foreign exchange in Egypt, especially in light of the economic crisis the world is going through and the decline in tourism as a result of the Russian-Ukrainian war and high inflation.

Egypt, which is the largest remittance recipient in the region and one of the top 5 remittance recipient countries in the world, has benefited from high oil prices and remittances from Egyptians working in the Gulf states, as well as strong economic activity in Europe and the United States, according to the World Bank report.

According to the World Bank, remittances to low- and middle-income countries are expected to grow by 4.2% to reach $630 billion this year, after recording an 8.6% growth last year when remittances amounted to $605 billion.

Remittances of Egyptian workers abroad increased by 1.6 percent during the fiscal year 21/2022, to record about $31.9 billion, compared to about $31.4 billion during the fiscal year 2020-2021, according to what the Central Bank of Egypt announced.

And on the development of remittances of Egyptian workers abroad over the past 5 years:

1- The fiscal year 2017-2018 amounted to $26.4 billion.

2- 2018-2019 amounted to $25.2 billion.

3- 2019-2020 amounted to 27.8 billion dollars.

4- 2020-2021 amounted to 31.4 billion dollars.

5- 2021-2022 amounted to 31.9 billion dollars.

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