The preliminary data showed that the transfers of Egyptians working abroad increased by 261 million dollars in October 2019, according to a statement by the Central Bank, at an annual rate of 12.7%, to record about 2.3 billion dollars (compared to about 2.1 billion dollars during October 2018).
As a result, these transfers increased during the July / October 2019 period (the first four months of the fiscal year 2019/2020) by about $ 1 billion at an annual rate of 13.4% to record about $ 9 billion (compared to about $ 8 billion during the corresponding period of the previous year).
The World Bank, at the end of last month, expected that remittances of Egyptians ’money transfers abroad would reach 26.4 billion dollars by the end of 2019, making Egypt ranked fifth as the highest beneficiary of remittances worldwide..
The World Bank said – in a report published on its website – that remittance flows to low and middle income countries will reach 551 billion dollars in 2019, an increase of 4.7 percent compared to 529 billion dollars recorded in 2018, to continue to rise to 597 billion dollars By 2021 … indicating that the first five countries to benefit from remittances for 2019 are India, China, Mexico, the Philippines and Egypt.
The report showed a slowdown in remittance flows growth to 4.7 percent in 2019 compared to a strong rate of 8.6 percent in 2018, explaining that the cyclical factors that affect remittance flow growth are economic growth in source countries and changes in oil prices, and changes in the conversion rate.
The report expected that remittances to India would reach 82.2 billion dollars, ranking first in the world, followed by China with 70.3 billion dollars, then Mexico in third place at 38.7 billion dollars, and the Philippines in fourth place with 35.1 billion dollars..
He added that Latin America and the Caribbean will witness the fastest growth in remittances during 2019 due to 7.8 percent due to the continued strength of the American economy, and remittances will increase moderately in South Asia by 5.3 percent, by 5.1 percent in sub-Saharan Africa and 3.8 percent In East Asia and the Pacific due to the surge in flows from the United States.
In his report, the World Bank suggested that remittance growth rate remains weak in the Middle East and North Africa by 3 percent due to structural changes taking place in the region, such as labor market restructuring and the introduction of value-added tax in the Gulf Cooperation Council countries, and in Europe and Central Asia is expected Remittances achieve a growth of 1.8 percent due to lower oil prices and the impact of the devaluation of the ruble on outflows from Russia.