The Clap
During the first 7 months of 2022, remittances from Egyptian expats increased by $22.6 million, reaching a total of $18.72 billion.
But
Despite the small increase, remittances in July 2022 were recorded at $2.82 billion, 14.7% less YoY.
Some analysts said that the cost of living abroad has increased, which led to increased spending abroad and fewer remittances. Other analysts said that due to the decreasing value of the EGP, expats who have USD try to hold on to it.
Background
During the 2021/2022 fiscal year, remittances were recorded at $31.9 billion.
Why this Matters
Remittances are important as they pump foreign currency into the economy and are considered a factor in the Gross National Income (GNI). For that reason, the government tries to make receiving remittances as easy as possible.
Increase in remittances from expats 💵
