Remittances from Egyptian expatriates to Egypt increase by 1.6% in the financial year 2021/22 – Economy – Business

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CBE data also showed that remittances increased by 3% in the fourth quarter (4th quarter) of the financial year 2021/2022 (April-June 2022) to register $8.3 billion, against 8, $1 billion in the corresponding quarter of fiscal year 2020/2021.

In contrast, remittances fell slightly in June to $2.8 billion from $2.9 billion posted in June 2021, according to the CBE.

Egypt’s 2021/2022 financial year ended at the end of June 2022.

Since the beginning of the Russo-Ukrainian war, Egypt has experienced a decline in its reserves, the country having used part of them to meet the financial needs of the local market.

Egypt’s net international reserves (RIN) fell by $230 million in July to $33.1 billion from $33.3 billion at the end of June 2022, the CBE said on Sunday.

Prime Minister Mostafa Madbouly said on Monday that Egypt was in the final stages of talks with the International Monetary Fund (IMF) for a new loan agreement. This loan should play a role in replenishing the country’s hard currency reserves.

As a safe haven in times of crisis, Egypt has recently increased its holdings of gold bullion in response to the global inflationary wave and rising oil and gas prices fueled by the war in Ukraine.

According to the recent World Gold Council (WGC) report on global gold demand, Egypt ranked second – after Turkey – on the list of countries buying gold bullion in the first half (1H) of 2022.

Egypt increased its gold bullion assets to a total of 44.2 tons in the 1st half of 2022. In the 1st quarter of 2022, Egypt topped the list of gold buyers in the world.

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