The Economic Research Sector at the CBE said that remittances rose 1.5% year-over-year in Q1 of the 2021/2022 fiscal year, to record about $8.1 billion.
What are Remittances🤨 In economic terms, remittances are funds transferred from migrants to their home country, which helps in growing the home country’s economy. An example of remittance is a sum of money sent back to the home country for food, clothing, etc.
More Details🧐 The total remittances from January to September 2021 were about $24 billion, an increase of about 1.9 billion dollars compared to the same period last year. It’s important to note that Egypt’s calendar year starts on the first of January, but its fiscal year starts on the first of July.
Why is this Important🤔 Remittances increase both the receiving household’s income & the foreign exchange reserves of the home country.
