Remittances from Egyptians working abroad rose 11% to USD 2.9 bn in July, up from USD 2.6 bn reported in July of 2019, according to state news agency MENA. Egyptians working abroad sent some USD 17 bn into the country during the first seven months of the year, up from USD 15.7 bn in the same period last year. Remittances, particularly from the GCC, are a crucial source of foreign currency for Egypt and helped narrow the current account deficit at the height of the outbreak in 3Q2019-2020 to USD 2.8 bn from USD 4.5 bn a year earlier.

Wait, what? The fact that remittances are still rising five months into the largest economic schism in our lifetimes runs counter to what all the grand wizards of economic orthodoxy were shouting about as the realities of covid-19 set in. We’re looking at you, Institute of International Finance, Fitch, Moody’s, S&P. We could go on…