Egyptian expats send more cash home in year of pandemic

People visit the small salt hills in the canal city of Port Fouad. (Reuters)

• 2020 remittances rise 10.5 percent
• Large Egyptian diaspora across Gulf

DUBAI: Egyptians expats sent more cash home last year as the pandemic forced many people out of work and hit household income.
Remittances from Egyptians working abroad rose 10.5 percent year-on-year to $29.6 billion in 2020, the central bank said on Monday.
Remittances in the final quarter of the year were about $7.5 billion, compared with about $7 billion the previous year, the central bank said.
The IMF in January raised its growth forecast for the country’s economy this financial year to 2.8 percent, citing milder-than-expected contraction during the pandemic.
Remittances form a significant part of the north Africa’s largest economy as the country’s diaspora, many of whom are employed in the Gulf states, regularly send funds to family and friends at home.