CAIRO– The remittances from Egyptian expatriates rose to 31.5 billion U.S. dollars in 2021, compared to 29.6 billion U.S. dollars in 2020, the Central Bank of Egypt (CBE) said yesterday.

The remittances in 2021 grew by 6.4 percent, year on year, CBE said in a statement.

The remittances, along with the revenue of the Suez Canal, the tourism sector, and foreign investment, are a major source of foreign currency in the country.

The transfers contributed significantly to the stability of the country’s foreign reserves, despite the negative repercussions of the COVID-19 pandemic on several economic sectors, especially tourism and aviation.

According to official statistics, some 13 million Egyptians live and work abroad, mainly in the Gulf countries.

Source: NAM NEWS NETWORK