Remittances from Egyptians abroad were up 1.5% y-o-y to USD 8.1 bn in the first quarter of FY 2021-2022, the central bank announced in a statement (pdf). The quarterly figure rose despite September being a slow month, with remittances dipping 3% y-o-y to USD 2.6 bn. In August, remittances grew 11.6% y-o-y to USD 2.7 bn.

On the up and up: The 1.5% increase for the first quarter of the state’s fiscal year comes on the back of a steep rise in remittances in the last quarter of FY 2020-2021, when inflows rose almost 30% y-o-y to USD 8.1 bn.

The figures tally with estimates that remittance inflows are on course to hit a record high this year, as higher oil prices and the global economic recovery fuel an increase in transfers, according to a recent World Bank report. Transfers from Egyptians abroad are projected to increase almost 13% to USD 33 bn this year, making Egypt one of the world’s top five recipients of remittances in USD terms, and continuing a trend that saw inflows shrug off the pandemic to register fresh highs last fiscal year. Remittances have been vital over the past two years to make up for the covid-induced slump in foreign direct investment and tourism revenues.