Remittances made up about 8.83 percent of Egypt’s gross domestic product in 2019, from as high as 14.58 in 1992 and a low of 2.86 percent a decade ago. The global average in 2019 was at 4.65 percent, based on 163 countries.
The Egyptian central bank also said net international reserves (NIRs) stood at $39.2 billion at the end of November, the same level it reached in October.
In September 2019, Egypt’s NIRs – which are external assets that are readily available to and controlled by a country’s monetary authorities – recorded an all-time high of $45.117 billion before going downhill as the coronavirus pandemic caused an unprecedented blow to global financial markets.
COVID-19 caused the sharpest portfolio flow reversal on record from emerging markets, including the Egyptian market, the monetary agency said in a statement.