Egyptian expatriate remittances see $1.3bn rise in during Q1 of FY2020/21

Remittances sent home by Egyptian expatriate workers rose $1.3bn during the first quarter (Q1) of fiscal year (FY) 2020/21.

Preliminary data shows that such remittances during July-September 2020 saw an annual growth rate of 19.6%, to register $8.0bn, compared to $6.7bn in the same quarter of 2019.

The data also shows that workers’ remittance inflows in September 2020 grew by an annual rate of 16.0%, to post $2.7bn, compared to $2.3bn in September 2019.

In the first nine months (9M) of 2020, which covers the time period between January and September, workers’ remittances grew by an annual rate of 11.6% to $22.1bn. This compared to the $19.8bn recorded in the same period a year before.