An Egyptian citizen living abroad through bank transfers to his family in Egypt is looking forward to work on savings that contribute to promoting and improving living standards. Emigrant transfers are the most important sources of foreign exchange for the Egyptian economy.
The "Seventh Day" presents the most important 5 information on Egyptian remittances abroad and their support for the national economy.
– The number of Egyptians living abroad is estimated at 8 million, most of which are in the Arabian Gulf area and their bank transfers to Egypt.
– The Egyptian government working abroad grew by 5.7% to a record $ 23.3 billion for the period from January to November 2018, ie for 11 months.
– Transfers of Egyptian emigrants working abroad recorded the highest annual rate of approximately $ 26 billion in the last fiscal year 2017-2018.
– Highest foreign currency resources in the Egyptian economy by $ 26 billion, followed by exports of about $ 23 billion and tourism by $ 8.5 billion.
– Egyptian remittances, exports, investments, tourism, and Suez Canal revenues are sources of the exchange rate for the economy and the main bearer of foreign exchange reserves.